Corn prices surge over two percent as eyes fixed on U.S. agriculture report

Corn futures rose over two percent in American trade, shrugging off the dollar's index rise, which follows a spate of data from the U.S., the world's largest corn producer and exporter, and ahead of the crucial U.S. elections and the release of the monthly report from the Agriculture ministry. 

As of 08:52 GMT, corn futures due on December 16 jumped 2.31% to $354.25 a bushel from the opening of $246.25, with an intraday high at $356.50, and a low at $345.00, while the dollar index rose 0.08% to 97.86 from the opening of 97.76. 

Earlier data from the world's largest economy showed the Jolts jobs openings at 5.49 million, up from 5.45M in August, and below expectations of 5.67M, while last week, the payrolls report showed less than expected new jobs in the economy in October, while the unemployment rate fell to 4.9%, as average hourly earnings rose more than expected. 

Now markets await the crucial U.S. presidential elections, which start today, contesting Democratic candidate Hillary Clinton against Republican candidate Donald Trump. 

Also traded await the monthly U.S. Agriculture report regarding the yield season tomorrow, with expectations that corn yield will reach 82% in the week ending November, compared to 75% in the previous week, while noting the average five-year yield has been 85%, and in the same period last year was 91%.