Soybean closes lower, snaps 5-day rally

Soybean prices fell on Tuesday, to snap a 5-session rally, despite rising expectations for strong Chinese imports of US farm goods.

The US Department of Agriculture said in its weekly report that the quality of soybean crop reached 69% (from good to excellent), beating forecasts of 67%.

The USDA added that China has booked 126,000 tonnes of soybeans for the 2020/21 harvest season.

The dollar index fell against a basket of currencies by 0.7% to 95.2 points as of 22:00 GMT, after it hit a high of 95.9 and a low of 95.1.

Soybean futures (due August) fell 0.7% to close at $8.96 a bushel, after hitting a day high of $9.02 and a low of $8.95.