Corn rises to week highs, dollar scales two-week high

Corn futures rose in American trade to January 9 highs even as the dollar index scaled January 4 highs, following earlier data from the US, the world's largest corn producer and exporter.

As of 08:06 GMT, corn futures due in March rose 0.46% to $3.8175, marking week highs, while the dollar index added 0.28% to 96.33, marking two-week highs. 

Earlier US data showed industrial production rose 0.3% in December, slowing down from 0.4% while edging estimates of 0.2%. 

The capacity utilization rate rose to 78.7% from 78.6%, while analysts expected no change. 

The University of Michigan released its consumer sentiment survey, showing a steep drop to 90.7 in January from 98.3 in December, matching expectations. 

The US Department of Agriculture reported inspections of 1.01 million tonnes of corn product destined for export in the week ending January 10, compared to 501.6 thousand in the previous week, with total inspected product amounting to 19.5 million tonnes, up from 12.1 million in the same period of last year.