Commodities

Soybeans slump 5% below $9 as dollar surges

2018-08-10 21:31:51 GMT (Economies.com)

Soybean futures tumbled five percent in American trade to July 24 lows, on track for the first weekly loss in four as the dollar index spiked to July 2017 highs, following earlier data from the US, the world's largest soybean producer and exporter. 

 

As of 07:43 GMT, soybean futures due in November slumped 4.67% to $8.6175, marking two-week lows, while the dollar index rose 0.82% to 96.29 against a basket of main rivals, marking 13-month highs. 

 

USDA Reports Output, Inventory Forecasts 

 

The US Department of Agriculture released its monthly report on global agricultural demand and supply, raising expectations for soybean output to 4.586 billion bushels, or 51.6 bushels per acre, from 4.31 billion in July estimates, or 48.5 bushels per acre. 

 

The USDA also raised estimates for soybean inventories by the end of the 2018-2019 marketing year to 785 million bushels from 580 million in July estimates.

 

Other US data showed consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 

 

On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%. 

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