Corn ends higher amid supply concerns in South America
2 years ago

Corn prices rose on Tuesday, despite the US dollar's rally against its counterparts, amid concerns about supply disruptions in South America.


This came in tandem with concerns about dry weather conditions in Argentina and Brazil, which damages the quality and quantities of their crops.


New agencies reported that inspections of more than 100 cargo ships in Argentina were kept from loading agricultural goods on Monday (which hinders their export) due to workers' wage strike.


Agricultural commodities futures in the Chicago Mercantile Exchange shrugged off global concerns about the new strain of the coronavirus that was identified in Britain and several other countries.


The dollar index rose against a basket of major currencies by 0.6% to 90.6 points as of 21:07 GMT, after hitting a high of 907 points and a low of 90.06 points.


Corn March futures rose 0.6% to $4.43 a bushel, after hitting a day high of $4.44 and a low of $4.37.

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