Soybean futures skid below $10

Corn futures slumped over 3% to below $10 in American trade as the dollar index bounced off a 15-month nadir, following earlier data from the US, the world's largest soybean producer and exporter. 

As of 07:16 GMT, soybean futures due on November 15 skidded 3.33% to $9.7375 from the opening of $10.0725, while the dollar index rose 0.10% to 92.95 from the opening of 92.86. 

Earlier US data showed personal income at zero in June, compared to a 0.3% rise in May, while analysts expected 0.4%.. Personal spending also slowed down to just 0.1% from 0.2% in May, matching expectations. 

The ISM manufacturing PMI fell more than expected in July to 56.3, while manufacturing prices accelerated for the first time in five months to 62.0.

Otherwise, soybean's drop comes amid mild improvement in US weather conditions, underpinning the grain harvest, especially soybeans, and weighing on prices. 

Similarly, the US Department of Agriculture's report for the week ending last Sunday upgraded soybean's ratings more than expected to 59% as good or excellent, from 57%, as rainfall and favorable conditions underpin the harvest in the current crucial growth phase.