Soybean prices tumble to one-year low after USDA report

Soybean futures tumbled to their lowest levels since April 2016, shrugging off the dollar's decline, after the U.S. Department of Agriculture upgraded its forecasts for South America's crops on Tuesday.

As of 07:46 GMT, soybean futures fell 0.27% to $939.25 a bushel from the opening of $941.75, with an intraday low at $929.75, and a high at 945.00, while the dollar index fell 0.30% to 100.72 from the opening of 100.97. 

The USDA upgraded its forecasts for soybean inventories in the agriculture year 2016-2017 to 87.41 million tonnes from 82.82 million in March forecasts, passing analysts' expectations of 83.91 million. 

The Department also raised its forecasts for Brazil's soybean yield to 111 million tonnes from 108 million, after the Brazilian Agriculture Statistics Agency also upgraded its forecasts to 110.2 million tonnes from 107.6 million last month.