Corn prices tilt lower in American trade

Corn futures tiled lower in American trade, shrugging off the dollar's decline amid a lack of data from the U.S., the world's largest corn producer and exporter.
 
As of 09:44 GMT, corn futures due on March 16 rose 0.07% to $369.50 a bushel from the opening price of $379.75, with a session-low at $367.50, and a high at $370.00, while the dollar index shed 0.58% to 100.16 from the opening of 100.75.
 
Later this week, investors await GDP data for the fourth quarter, expected to show a growth of 2.1%, down from 3.5% in the third quarter, while durable goods orders are forecast to have risen 2.7% in December, compared to a 4.5% decline in November.

The Final reading for the University of Michigan consumer confidence index is expected to show growth in December, ahead of the release of personal spending and income data for last month.
 
On another note, the U.S. agriculture ministry's monthly report showed the area dedicated for corn yield has reached 86.7 million acres in the period ending December 2016, a 7% rise from 2015, while the yield has risen 11% y/y to 15.1 million bushels, a rise of 6.2 bushels from the average 174.6 bushel per acre of 2015.

Also, corn stocks reached 12.4 million bushels inside farms, an increase of 11% from 2015, while there were 4.77 million bushels stored outside farms, an 8% increase from the previous year.