Soybeans settles higher, dollar ekes out gains

Soybean futures tilted higher in American trade to August 20 highs even as the dollar index eked out gains, as the US market shuts down for the Columbus Day bank holiday.

As of 07:47 GMT, soybean futures due in December rose 0.09% to $8.6975, marking seven-week highs, while the dollar index rose 0.12% to 95.74.

USDA Reports Sales

Last week, the US Department of Agriculture reported soybean sales due for the marketing year 2018-2019 starting last month at 1.52 million tonnes in the week ending September 27, compared to 870.7 thousand. 

Mexico came at the top at 730.4 thousand tonnes, followed by unidentified client at 274 thousand, then Germany and Argentina at 135.8 thousand and 96K respectively. 

Otherwise, the US Department of Agriculture reported 23% of corn harvest done in the week ending September 30, up from 14% in the previous week, and above five-year averages of 20%. 

The USDA also reported inspections of 591.1 thousand tonnes in the week ending September 27, compared to 718.8 thousand in the week ending September 13, and 897.4 million in the same week of 2017. 

In its previous monthly report on global agricultural supply and demand, the US Department of Agriculture raised forecasts for soybean output in the US to 4.693 billion bushels, a record high, and up from 4.586 billion in the August report.