Soybean drops 1.5%, closes below $10/bushel

Soybean prices fell on Thursday, despite US dollar turning lower, as agricultural commodities were weighed down by increased supply due to abundant harvesting in the Midwest regions in the US.

Soybean, wheat and corn also came under pressure by profit-taking sales from the recent gains that were made thanks to strong Chinese demand.

The US Department of Agriculture reported that export sales of corn reached 2.139 million tonnes, and soybeans reached 3.195 million tonnes, beating analysts' forecasts.

However, the USDA did not report new sales of soybeans to China, after 14 straight days of sales to Beijing.

The dollar index fell against a basket of currencies by 0.1% to 94.3 points as of 21:21 GMT, after it hit a high of 94.5 and a low of 94.2.

Soybean November futures fell 1.5% to close at $9.98 a bushel, after hitting a day high of $10.14 and a low of $9.97.