Corn prices rally over two percent

Corn futures rose over two percent in American trade as the dollar settled near a one-month trough, following a spate of economic data from the U.S., the world's largest corn producer and exporter. 

As of 07:24 GMT, corn futures due on July 16 surged 2.15% to $427.25 a bushel from the opening price of $419.75, with a session-high at $427.50, and a low at $419.5. 

On the other hand, the dollar index, measuring the greenback's performance versus a basket of six major rivals, inched down to 93.93 from the opening of 93.94, with a session-high at 94.27, and the lowest since May 12 at 93.74. 

Earlier data from the world's largest economy showed the labor conditions index for May falling to minus 4.8 from minus 3.4 in April, while Fed Chair Janet Yellen gave a speech in Philadelphia asserting the possibility of a rate hike soon because "positive economic forces triumph the negative ones" in the U.S. currently, and the risks threatening the economy sine the start of the year have largely diminished. 

Earlier data from the U.S., the world's largest economy showed non-farm payrolls rising by the lowest number since September 2010, by 38,000, compared to 123K in April and sharply below expectations of 159K, while the unemployment rate fell to its lowest since November 2007 at 4.7% from 5.0% in April, below expectations of 4.9%. Average hourly earnings growth decelerated to 0.2%, below 0.4% in April and matching expectations.