Soybean prices rebound from six-month nadir

Soybean prices rose nearly one percent in American trade, shrugging off the dollar's rise according to their inverse relation, as prices rebound from their lowest level since September 27, 2016. 

As of 06:36 GMT, soybean futures rose 0.77% to $945.00 a bushel from the opening of $937.75, with an intraday high at $948.50, and a low at $937.25. 

The strong rebound from multi-month lows came on short-covering, as short traders collect profits following deep losses last week and yesterday, after the U.S. Department of Agriculture forecast a rise in acreages used for soybeans in America to 89.5 million acres, passing expectations of 88.1 million acres, and stoking oversupply concerns.