Corn rebounds from three-week low as dollar retreats

Wheat futures rose nearly one percent in American trade away from April 4 lows as the dollar index fell off January 15 highs, following earlier data from the US, the world's largest corn producer and exporter. 

As of 07:58 GMT, corn futures due on July 15 rose 0.65% to $3.900 from the opening of $3.875, while the dollar index shed 0.20% to 90.76 from the opening of 90.95. 

Earlier US data showed the House Price Index slowed down to 0.6% from 0.9% in January, beating expectations of a 0.5% rise, while the S&P/CS Composite-20 House Price Index accelerated to 6.8% y/y from 6.43%, beating forecasts of 6.35%. 

The Richmond Manufacturing Index fell to minus 3 from plus 15 in March, missing expectations of 16, while the CB Consumer Confidence index rose to 128.7 in April from 127, revised from 127.7 in March, beating expectations of 126.0. 

 The US department of Agriculture reported 5% of corn product has been cultivated so far until April 22, up just 3% from the previous week, and below the average of the same period in 2017 at 14%. 

The USDA also reported the inspection of 1.72 million tonnes of corn in the week ending April 19, compared to 1.58 million tonnes in the previous week, with total inspected product in the current marketing year starting September now amounting to 29.72 million tonnes.