Corn futures rise after Fed holds interest rates

Corn futures rose over one percent in American trade, shrugging off the dollar's bounce higher from a 3-1/2 month low, after the Federal Reserve kept overnight interest rates unchanged between 0.50% and 0.75% as expected, after increasing them by 25 basis points in December.
 
As of 07:54 GMT, corn futures due on March 16 rose 1.32% to $364.50 a bushel from the opening price of $359.75, with an intraday high at $365.00, and a low at $358.00, while the dollar index rose 0.41% to 99.92 from the opening of 99.66.
 
Earlier U.S. data showed the ADP employment index, which gauges changes in private sector jobs, with an increase of 246 thousand jobs in January, above December's 153K, and besting expectations of 165K, while investors now the official report on Friday, expected to show 170 thousand new jobs, and for the unemployment sector to settle at 4.7% in January.

On the same note, the U.S. manufacturing PMI fell to 55.0 in January from 55.1 in December, missing expectations of also 55.1.

The ISM manufacturing index rose to 56.0 in January from 54.7, besting expectations of 55.0.

Finally, construction spending fell 0.2% in December, compared to November's 0.9% surge, while analysts expected a 0.2% rise.