Corn futures rose on Wednesday, buoyed by market expectations for a stronger demand from the US ethanol industry.

The USDA stated that the ethanol industry demand for corn will surge for the production of biofuel, and consequently agricultural commodity prices will rise.

US ethanol producers are on the cusp of supplying 2 billion gallons of biofuels by the end of this week.

Corn and other agricultural commodities rebounded on the Chicago Mercantile Exchange (CME) amid optimism over the US Congress' vote on a huge stimulus aid package.

The White House confirmed that an agreement has been reached with the US Congress on the $2 trillion stimulus package, which is the largest aid package in the US history, and it is aimed at easing the coronavirus economic impact.

This aid package is directed at providing the necessary support for US companies and industries that were impacted by the virus outbreak.

Corn May futures rose 0.6% to settle at $3.48 per bushel, after hitting a day high of $3.52 and a low of $3.45.

The British pound rose on Wednesday, amid the UK's efforts to contain the coronavirus outbreak, and following the release of strong data on the British inflation rates.

The data showed today that the UK's consumer price index rose 1.7%, slightly lower than forecasts of 1.8%, and consumer price index inflation rate rose 1.7%, more than forecasts of 1.5%.

The British PM Boris Johnson announced that the UK more than 405,000 اhave volunteered to help in the country's war against the coronavirus, despite the government asking for only 250,000 volunteers.

However, the country still suffers from a high number of infections and deaths from the deadly pandemic, which casts a shadow on the economy and the normal daily life.

GBP/USD rose by 1.1% to 1.19 as of 19:47 GMT, after the pair hit an intraday high of 1.172 and a low of 1.1642.

Silver rose on Wednesday, to march on the opposite direction of gold, as it drew support from the US dollar's drop against its peers.

Silver futures jumped 7.5% yesterday, to extend the strong gains as investors anticipate the huge $2 trillion US stimulus aid package.

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The $2 trillion is the largest aid package in the US history, as the White House allocated it to ease the coronavirus economic impact, which will include sending money directly to citizens, in addition to providing US companies with neccasey support.

The dollar index fell 1% to trade at 101.02 points as of 19:44 GMT, with a high of 101.9 and a low of 100.9.

Silver May futures rose 4.3% to settle at $14.873 an ounce, after hitting a day high of $14.93 and a low of $14.05.

Gold futures fell on Wednesday, as investor rushed to stock markets and eschewed precious metals, despite the US dollar drop against most currencies.

The US Congress will later vote on the $2 trillion stimulus aid package to counter the coronavirus economic impact.

Informed sources at the White House confirmed that an agreement has been reached with the US Congress on the stimulus package, and will be passed.

The dollar index fell 1% to trade at 101.02 points as of 19:25 GMT, with a high of 101.9 and a low of 100.9.

Gold April futures fell 1.7% or $27.4, to close at $1,633.4 an ounce, after hitting a day high of $1,699.3 and a low of $1,615.2.