Commodities

Corn extends gains, closes higher on demand hopes

2020-09-18 22:05:18 GMT (Economies.com)

Corn prices rose on Friday, as the US dollar held against it peers, amid growing hopes about China's demand for US farm goods.

 

The US Department of Agriculture revealed today the details of the second aid package for farmers to address the coronavirus impact.

 

The USDA said it would pay up to $14 billion to farmers of major crops such as corn, soybean, wheat, dairy and tobacco.

 

This comes after the Trump administration announced in April a $19 billion relief package to support farmers during the coronavirus pandemic.

 

The dollar index slipped against a basket of currencies by less than 0.1% to 92.9 points as of 22:15 GMT, after hitting a high of 93.01 and a low of 92.7.

 

Corn December futures rose 0.8% to close at $3.78 a bushel, after hitting today's high at $3.79 and the low at $3.73.

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