Dry weather in South America lifts corn prices
Corn prices rose on Thursday, on weak supply concerns due to dry weather in several South America, especially in Brazil and Argentina.
Weather agencies forecast dry weather in Brazil and Argentina for the next few weeks, which will impact the quality and supply of crops.
While the US Department of Agriculture revealed continued strong demand for soybean and corn from China, as shipments to Beijing and other destinations increased recently.
The dollar index rose against a basket of currencies by 0.3% to 92.8 points as of 22:22 GMT, after hitting a high of 92.9 and a low of 92.6.
Corn December futures rose 0.5% to $4.16 per bushel, after hitting a day high of $4.19, and a low of $4.110.
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Silver drops more than 2% as dollar rises
Silver prices fell on Thursday, as the US dollar rose against its peers, after the release of positive economic data in the US.
The US Department of Labor revealed today that the number of unemployment claims fell 55,000 to the lowest level since March at 787,000 last week.
The dollar index rose against a basket of currencies by 0.3% to 92.8 points as of 21:52 GMT, after hitting a high of 92.9 and a low of 92.6.
The number of coronavirus infections surpassed 41 million cases worldwide, while the death toll continues to increase, amid news of a second wave of infections in several countries.
Gold December futures fell 2.1% or 53 cents, to close at $24.709 an ounce, with a day high of $25.225 and a low of $24.460.
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Sterling falls after Bank of England's statements
The British pound fell against the US dollar on Thursday, following statements by Bank of England's officials, which focus continued on the ongoing Brexit talks between the United Kingdom and the European Union.
Many observers believe that the UK is going toward a no-deal Brexit scenario (no trade deal), as significant gaps remain between London and Brussels regarding a deal about the main issues such as the customs union.
The European Commission's President Michel Barnier stated that any deal with the UK will respect the sovereignty of the UK and the independence of the European Union.
Otherwise, BOE Deputy Governor Dave Ramsden said there is a real risk of a more persistent period of higher unemployment, and the recent strength in income growth might not be sustained as the coronavirus crisis continues.
This came as coronavirus continues to spread rapidly in the UK, which forced Prime Minister Boris Johnson to tighten the lockdown measures for the next few months.
As of 21:00 GMT, GBP/USD fell 0.5% to 1.3077, after hitting a high of 1.3153 and a low of 1.3070.
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New Zealand dollar rises on election hopes
The New Zealand dollar rose on Thursday, amid optimism that the popular Prime Minister Jacinda Ardern will secure another term.
The New Zealand authorities announced the victory of Jacinda Ardern’s Labour Party in the 2020 general election.
This came after the government of Ardern's noticeable handling of the coronavirus crisis that even been praised by the World Health Organization for the measures taken to contain the virus outbreak.
The New Zealand's CPI reading will be released later today, amid forecasts to rise by 0.9% in September vs. August's reading of a drop by 0.5%.
Otherwise, the number of coronavirus infections surpassed 41 million cases worldwide, while the death toll continues to increase, which has exceeded 222,000 victims in the US alone.
As of 18:35 GMT, NZD/USD rose 0.5% to 0.6686, after hitting a high of 0.6689 and a low of 0.6632.
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