Corn declines for first session in four, dollar off two-month high

Corn futures fell nearly one percent in American trade off August 10 highs, while the dollar index plumbed September 27 lows, following earlier data from the US, the world's largest corn producer and exporter. 

As of 07:33 GMT, corn futures due in December fell 0.79% to $3.7525 away from two-month highs, while the dollar index slipped to 95.95 away from August 20 highs. 

USDA Reports Harvest, Inspection Figures 

The US Department of Agriculture reported 39% of corn harvest was finished in the US until last Sunday, up 5% from the previous week, and 4% from five-year averages. 

The USDA also reported inspections of 996.6 thousand tonnes of corn in the week ending October 11, compared to 1.38 million tones in the previous week, with total inspected product now amounting to 6.84 million tonnes, up from 3.91 million in the same period of last year. 

Last Friday, the USDA released its monthly report on global agricultural demand and supply, cutting forecasts for US corn output to 14.78 billion bushels from 14.83 billion in the September report, or to 180.7 bushels per acre from 181.3 bushels, while raising estimates for corn inventories to 1.81 billion bushels for the marketing year 2018-2019 from 1.77 billion bushels in previous forecasts.