Soybean posts back-to-back gain

Soybean prices rose on Tuesday, to extend gains for the second straight day, as the US dollar fell against most of its peers

Soybean was lifted by technical buying and expectations of a drop in global supply, amid the strong global demand and rising US exports.

The US Department of Agriculture revealed in its weekly report that the US sold 132,000 tonnes of soybean to unknown parties for the 2020/2021 marketing season.

The USDA added that the US harvest of soybean is 75% complete, higher than the 5-year average of 58%, but lower than forecasts of 79%.

The dollar index fell against a basket of currencies by 0.4% to 93.09 points as of 22:02 GMT, after it hit a high of 93.5 and a low of 93.1.

Soybean November futures rose 1% to $10.65 per bushel, after hitting a day high of $10.65 and a low of $10.51.