Corn prices rise nearly two percent after USDA report

Corn futures rose nearly two percent in American trade, even as the dollar edged higher today, following earlier data from the U.S., the world's largest corn producer and exporter, including the USDA initial estimates for corn yield in 2017. 

As of 07:51 GMT, corn futures due on July 15 rose 1.98% to $3.7375 a bushel from the opening of $3.6650, with an intraday high at $3.7400, and a low at $3.6600, while the dollar index rose 0.03% to 99.69 from the opening of 99.66. 

According to the U.S. Department of Agriculture corn yield estimates this year, by using the mild weather trends and assuming a natural progression for agriculture and summer weather, the yield will reach about 170.6 bushels per acre, below 2016 records of 174.6 bushels, but the third highest ever in U.S. history, while the Department asserted that current estimates are "very temporary" in such an early time in the 2017-2018 agriculture season.