Soybean futures add two percent

Soybean futures rose two percent to one-week highs, heading for the first weekly profit in five, as the dollar index lost ground away from a four-month high, following earlier data from the US, the world's largest soybean producer and exporter. 

As of 09:30 GMT, soybean futures due on January 15 rose 1.90% to $9.9050 from the opening of $9.7200, while the dollar index shed 0.33% to 93.62 from the opening of 93.93. 

Earlier US data showed housing starts surged 13.7% in October to 1.290 million units, compared to a 3.2% decline in September to 1.135 million, while analysts expected a 5.6% rise to 1.190 million.

Building permits rose 5.9% to 1.297 million units, compared to a 3.7% drop in September to 1.225 million, beating expectations of a 2.0% rise to 1.250M. 

The US Department of Agriculture's report last week on global supply and demand for November showed the soybean productivity per donam stabilizing at 49.5 bushels per donam, same as October and slightly above expectations of 49.3 bushels. 

The USDA therefore expected total soybean production in the current agriculture year at 425 million bushels, down from 430 million in October forecasts, while analysts expected 420 million.