Corn backs off three-month high as dollar rallies

Corn futures tilted lower in American trade off August 20 highs for the third straight session as the dollar index climbed off November 7 lows following earlier data from the US, the world's largest corn producer and exporter. 

As of 08:45 GMT, corn futures due in March shed 0.27% to $3.7225 away from three-month highs, while the dollar index rose 0.66% to 96.83 off two-week lows. 

The US Department of Agriculture reported inspections of 798 thousand tonnes of corn product destined for export in the week ending November 15, compared to 1.16 million in the previous week and 679 thousand in the same period of last year, with total inspected product now amounting to 11.9 million tonnes in the marketing year starting September, compared to 6.64 million in the same duration of last year. 

US Housing Data  

Earlier US data showed housing starts rose to an annualized 1.23 million units in October as expected, improving upon September's 1.21 million units. 

US building permits slipped to an annualized 1.26 million units as expected from 1.27 million in September, revised from 1.24 million.