Soybean shrugs off global turmoil, edges up on stimulus hopes

Soybeans futures rose on Wednesday, despite the massive losses in other markets amid the lingering panic over the coronavirus outbreak.

Agricultural commodity traders are optimistic about the Trump administration's big fiscal stimulus to ease the virus impact.

The US Senate has passed a $1 trillion fiscal stimulus bill, which is aimed at supporting companies, US taxpayers, and multiple other institutions.

The plan may include stimulus directed to US farmers after the coronavirus hit global demand for farm goods such as soybean and corn.

While the dollar index rose against a basket of currencies by 1.3% to trade at 100.9 as of 21:36 GMT, after hitting its highest at 101.7 and the lowest level at 99.1.

Soybean May futures rose 0.2% to settle at $8.25 per bushel, with a day high of $8.38 and a low of $8.22.