Soybeans climbs off two-week trough as dollar declines

Soybean futures tilted higher in American trade off early November lows for the fourth session out of seven, as the dollar index fell off January 2017 highs, following earlier data from the US, the world's largest soybean producer and exporter. 

As of 08:25 GMT, soybean futures due in December rose 0.39% to $8.9225 away from two-week lows, while the dollar index shed 0.47% to 96.47. 

US Data 

Earlier US data showed industrial production rose 0.1% in October, slowing down from 0.2% and missing estimates of 0.2% as well. 

The Capacity Utilization Rate fell to 78.4% in October from 78.5%, still edging estimates of 78.3%. 

In earlier remarks, US President Donald Trump expressed hopes for reaching a trade deal with China, however the US might resort to imposing further tariffs on China if both sides failed to reach an understanding, as markets await a summit between Trump and his Chinese counterpart Xi Jinping on the sides of the G20 Summit in Argentina. 

USDA Reports Inspections, Harvest 

The US Department of Agriculture reported on Tuesday that 88% of total soybean product has been harvested until last Sunday, up 5% from the previous week, and compared to 90% in the same period of last year.

As for inspections, they amounted to 1.30 million tonnes of soybean product destined for export in the week ending November 8, up from 1.24 million in the previous week, while below 2.19 million in the same period of last year. 

Total inspected soybean product is now up to 9.91 million tonnes, still below 17.1 million in the same period of last year as China cut purchases from the US amid an escalating trade dispute.