Corn Prices Soar to Three-Week High as US Dollar Weakens

Corn prices pushed to their highest level in three weeks during an overnight session on August 17, according to Pro Farmer. Soybeans also rose following corn's strength, while wheat lagged behind due to profit-taking after last week's gains.

The U.S. dollar index fell to its weakest point in two months as traders scaled back expectations for Federal Reserve interest-rate increases. The USDX downturn follows soft July figures on U.S. employment and inflation, as well as an unexpectedly weak report on U.S. retail sales.

Excessive rains in the central Corn Belt supported corn prices, while soybeans found additional support from friendly outside markets. Weekend rain in the Midwest brought moisture totals for the past seven days to 5-10 inches in numerous areas, leading to concerns over soybean conditions and potential mold and mildew issues.

Canada's chief trade negotiator said there is still a significant amount of work to do to reach an agreement to stave off new U.S. tariffs. Talks were expected to continue through the weekend in search of a deal to lower tensions between the two nations.