Corn prices edge higher as eyes fixed on Fed's meeting
Economies.com
2017-03-15 17:36PM UTC
Corn futures tilted higher in American trade after the dollar index fell according to their inverse relation, following a spate of data from the U.S., the world's largest corn producer and exporter, and ahead of the Federal Open Market Committee's policy decisions.
As of 06:15 GMT, corn futures due on May 16 rose 0.28% to $363.25 a bushel from the opening of $362.25, with an intraday high at $364.75, and a low at $362.00, while the dollar index fell 0.28% to 101.42 from the opening of 101.69.
Earlier U.S. data showed consumer prices up 0.1% last month, slowing down from 0.6%, and besting expectations of no-change, while core prices slowed down to 0.2% from 0.3%, matching expectations as well.
On a yearly basis, consumer prices rose 2.2%, slowing down from 2.3% and matching expectations.
On the same note, U.S. retail sales rose just 0.1% last month, slowing down sharply from 0.6% in January, and missing expectations of 0.2%, while core sales rose 0.2%, slowing down from 1.2% while beating forecasts of 0.1%.
The Empire State Manufacturing index fell to 16.4 from 18.7, while besting expectations of 15.3, while business inventories slowed down to 0.3% from 0.4% in December, as the NAHB Housing Market Index rose to 71 from 65 in February.
The Energy Information Energy released its report on U.S. crude stocks, showing a fall of 0.2 million barrels in the week ending March 10, compared to expectations of a 3.3 million buildup, marking the first weekly decline since January 6, while investors monitor the Federal Open Market Committee's meeting today, with policymakers expected to reveal their three-year forecasts for inflation, unemployment, growth, and interest rates, with the latest expected to rise by 25 basis points.
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