Corn closes over 2% higher, wipes out yesterday's losses

Corn futures rose Wednesday, on strong demand for agricultural commodities after the USDA's quarterly report and the US dollar drop.

The US Department of Agriculture showed yesterday that corn plantings reached 92 million acres in the spring season, lower than expectation of 95.14 million.

The total corn plantings acreage is 5 million acres less than March's estimates of 97 million acres, which is the largest decline in the second quarter since 1983.

The dollar index fell against a basket of currencies by 0.2% to 97.1 points as of 21:42 GMT, after it hit a high of 97.6 and a low of 97.03.

Corn September futures rose 2.4% to close at $3.50 a bushel, after hitting a day high of $3.53 and a low of $3.40.