Soybean pulls back from 28-month peak

Soybean prices fell on Monday, to giver the 28-month high that was hit earlier in the session, as the US dollar rallied against most of it peers.

This comes despite market's expectations of strong Chinese demand for US farm goods, in compliance with the phase-one of the trade pact that was signed in mid-January.

The US Department of Agriculture revealed soybean exports to China reached 132,000 tonnes during the past 11 business days, while corn exports to Beijing reached 100,000 tonnes.

The dollar index rose against a basket of currencies by 0.8% to 93.5 points as of 21:36 GMT, after it hit a high of 93.7 and a low of 92.7.

Soybean November futures fell 2.1% to close at $10.22 a bushel, after hitting a day high of $10.45 and a low of $10.20.