Corn prices rose on Tuesday, despite the US dollar's rally against its counterparts, amid concerns about supply disruptions in South America.

This came in tandem with concerns about dry weather conditions in Argentina and Brazil, which damages the quality and quantities of their crops.

New agencies reported that inspections of more than 100 cargo ships in Argentina were kept from loading agricultural goods on Monday (which hinders their export) due to workers' wage strike.

Agricultural commodities futures in the Chicago Mercantile Exchange shrugged off global concerns about the new strain of the coronavirus that was identified in Britain and several other countries.

The dollar index rose against a basket of major currencies by 0.6% to 90.6 points as of 21:07 GMT, after hitting a high of 907 points and a low of 90.06 points.

Corn March futures rose 0.6% to $4.43 a bushel, after hitting a day high of $4.44 and a low of $4.37.

The British pound fell against the US dollar on Tuesday, after the release of mixed economic data, and amid the lingering concerns over the new strain of the coronavirus.

The British health authorities identified a new coronavirus strain that spreads more quickly, which forced London to impose tighter lockdown restrictions, and led many countries to suspend flights from the UK.

The British Prime Minister Boris Johnson warned that the new strain is 70% faster in spreading than the previous one.

The final reading of the UK's GDP showed a growth by 16% during the third quarter, better than forecasts of 15.5%. 

The British current account reading showed a deficit of 13.7 billion pounds in the third quarter, worse than forecasts of a 12.9 billion pounds deficit.

As of 20:38 GMT, GBP/USD fell 0.9% to 1.3343, after hitting a high of 1.3473, and a low of 1.3306.

Silver prices fell on Tuesday, as the US dollar rallied against most of its peers after the release of upbeat economic data.

The final reading of the US GDP showed a growth by 33.4% during the third quarter, better than forecasts of 33.1%. 

Global markets are still focusing on the situation in the United Kingdom after health authorities identified a new coronavirus strain that spreads more quickly, which forced London to impose tighter lockdown restrictions.

The dollar index rose against a basket of major currencies by 0.6% to 90.6 points as of 20:45 GMT, after hitting a high of 907 points and a low of 90.06 points.

Silver March futures fell 3.2% or 84.4 cents, and closed at $26.535 an ounce, with today’s high at $26.815, and the low at $25.225.

Oil prices fell on Tuesday, as the US dollar rallied against most of its peers, maid concerns about the new Covid-19 strain, and ahead of the US crude inventories data.

The British health authorities this week identified a new coronavirus strain that spreads more quickly, which forced London to impose tighter lockdown restrictions, and led many countries to suspend flights from the UK.

White House top infectious diseases expert Anthony Fauci stated that the new coronavirus strain might be in the US.

The dollar index rose against a basket of major currencies by 0.6% to 90.6 points as of 18:23 GMT, after hitting a high of 907 points and a low of 90.06 points.

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Wednesday.

As of 18:20 GMT, WTI crude January futures fell 2.1% to $46.9 a barrel, after hitting a high of $47.9 and a low of $46.6.

Brent February futures fell 1.7% to $50.06 a barrel, after hitting a high of $50.8 and a low of $49.5.