Soybeans plumbs early October lows, dollar hits year peak

Soybean futures fell nearly one percent in American trade to early October lows as the dollar index scaled June 2017 highs, following earlier data from the US, the world's largest soybean producer and exporter. 

As of 07:58 GMT, soybean futures due in December fell 0.62% to $8.4700, marking early October lows, while the dollar index rose 0.41% to 96.98, marking 16-month highs. 

USDA Reports Harvests, Inspections 

The US Department of Agriculture reported that 72% of corn output has been harvested until last Sunday, up 19% from the previous week, with the USDA inspecting 1.30 million tonnes of soybeans destined for export in the week ending October 25, up from 1.21 million in the previous week. 

Total inspected product is now up to 7.32 million tonnes so far in the marketing year, down from 12.4 million in the same period of last year. 

Earlier this month, the USDA released its report on global agricultural supply and demand, cutting forecasts for soybean output to 4.690 billion bushels, or 88.3 bushels per acre, from 4.693 billion bushels, or 88.9 bushels per acre in the September report, meaning US output could reach record highs for the third year in a row.