Corn rises for sixth straight session, dollar climbs off two-week low

Corn futures rose in American trade off November 15 lows for the seventh session out of eight, while the dollar index rebounded from July 11 lows, following earlier data from the US, the world's largest corn producer and exporter, and amid dry weather and heat waves in the US.

As of 07:47 GMT, corn futures due on December 15 rose 0.61% to $3.7125 a bushel from the opening of $3.69, marking July 9 highs, while the dollar index rose 0.16% to 94.63 from the opening of 94.48. 

Earlier US data showed existing home sales fell 0.6% in June to an annualized 5.38 million units, compared to a 0.7% drop to 5.41 million units in May, while analysts expected a 0.2% rise to 5.44 million. 

US Corn Sales 

The US Department of Agriculture reported corn sales due for the 2017-2018 marketing year at 641.0 thousand tonnes in the week ending July 12, up 59% from the previous week, and 38% from four-week averages. 

Japan came at the top of the buyers list at 123.8 thousand tonnes, followed by Mexico at 123.2 thousand, Saudi Arabia and Egypt at 77.5 thousand and 75.8 thousand respectively.

Corn sales to be delivered in the 2018-2019 marketing year reached 774.5 thousand tonnes, with Mexico at the top at 245.2 thousand tonnes, then South Korea at 126.0 thousand.