Soybean closes higher on strong Chinese demand

Soybean futures rose on Tuesday, as the US dollar fell against most currencies, lifted by China's strong demand for US agricultural goods.

According to Reuters the Chinese imports of US soybean jumped by 71% in June on a yearly basis.

China imported 11.16 million tonnes of soy in June, vs. 6.51 million tonnes a year ago, from 9.38 million tonnes in May.

The Chinese imports of Brazilian soybean also jumped in June at the largest monthly pace since March.

Analysts expect Chinese imports of US soy to also be higher than usual in July.

The dollar index fell against a basket of currencies by 0.2% to 96.2 points as of 22:20 GMT, after hitting an intraday high of 96.7 a low of 96.1.

Soybean futures (due August) rose by 0.5% to close at $8.87 a bushel, after hitting a day high of $8.82 and a low of $8.72.