Corn falls off three-week high as dollar advances

Corn futures fell in American trade off December 18 highs as the dollar index climbed from October 22 lows, following earlier data from the US, the world's largest corn producer and exporter and amid ongoing US-China trade talks in Beijing. 

As of 06:45 GMT, corn futures due in March fell 0.59% to $3.800 away from three-week highs, while the dollar index rose 0.23% to 95.89 off three-month lows. 

Earlier US data showed an index tracking job opportunities fell to 6.89 million from 7.13 million in October, missing estimates of 7.07 million, while another tracking consumer crediting fell to $17.3 billion from $25.4 billion in October. 

Yesterday in Beijing, talks on the ministerial level between US and Chinese officials commenced on hopes of solving the trade dispute raging between the world's two largest economy. 

Last week,US trade secretary Wilbur Ross recently noted how the US and China could reach a good settlement when it comes to direct trade, but the structure of trade issues and their execution may prove a more difficult process, noting how China is awakening to its economic dependence on US trade. 

Yesterday, Wilbur Ross added that Beijing and Washington are hoping for an agreement that could be lived with. 

The US Department of Agriculture reported inspections of 501.5 thousand tonnes of corn product destined for export in the week ending January 3, compared to 952.9 thousand in the previous week, with total inspected product amounting to 18.5 million tonnes from 11.4 million in the same period of 2018.