Corn futures close lower on strong dollar

Corn prices fell on Wednesday as the US dollar rallied against most major currencies and kept pressuring commodity prices, amid anticipation of developments in the US-China trade file.

Despite positive remarks by Washington and Beijing about drafting the phase one trade deal, the exact date for signing the agreement is still unknown.

Some fear the two sides will not abide by the deal and it won't be sustainable, especially after sources revealed that China will not commit to buying a certain amount of US farm goods, and Beijing is going to buy from other countries like Brazil.

Otherwise, the dollar index rose against a basket of currencies by 0.1% to 98.3 points as of 21:56 GMT, and hit an intraday high of 98.4 and a low of 98.2.

Corn December futures fell by 1.4% and closed at $3.62 per bushel, with high of $3.68 and a low of $3.62.