Soybeans climbs off early October lows after USDA data

Soybean futures rose nearly one percent in American trade away from early October lows, even as the dollar index rose off September 28 lows, following earlier data from the US, the world's largest soybean producer and exporter. 

As of 07:58 GMT, soybean futures due in December rose 1.08% to $8.675 away from early October lows, while the dollar index rose 0.25% to 95.25 away from two-week lows. 

USDA Reports Output Forecasts, Inspections 

The US Department of Agriculture released its report on global agricultural supply and demand, cutting forecasts for soybean output to 4.690 billion bushels, or 88.3 bushels per acre, from 4.693 billion bushels, or 88.9 bushels per acre in the September report, meaning US output could reach record highs for the third year in a row. 

Last week, the USDA reported that 32% of soybean harvest has been finished, up from 9% in the previous week.

The USDA also inspected 569.8 thousand tonnes of soybean producer destined for exports in the week ending October 4, down from 630.2 thousand in the previous week, with total inspected product now amounting to 3.54 million tonnes in the marketing year starting last month, down from 5.46 million in the same period of last year.