Soybean futures tumble over 1%

Soybean futures slid over one percent in American trade as the dollar index edged up away from the lowest since June 24, 2016, following earlier data from the US, the world's largest soybean producer and exporter. 

As of 08:09 GMT, soybean futures due on September 15 tumbled 1.20% to$10.1000 from the opening of $10.1325, while the dollar index rose 0.15% to 94.00 from the opening of 93.95. 

Earlier US data showed a steeper than expected drop in existing home sales, ahead of the Federal Open Market Committee's meeting tomorrow, as analysts expect policymakers to maintain overnight interest rates at between 1% and 1.25%. 

Soybean's plunge comes amid rainy US weather and relative improvement in conditions, which boost the grain harvest, especially soybeans, and in turn bashing prices lower.