Soybeans slide 1%, dollar off seven-week high

2018-10-10 22:41:17 GMT (
Soybeans slide 1%, dollar off seven-week high

Soybean futures fell over 1% in American trade away from August 22 highs, while the dollar index backed off August 20 highs, following earlier data from the US, the world's largest soybean producer and exporter. 


As of 07:59 GMT, soybean futures due in December fell 1.25% to $8.5225 away from seven-week highs, while the dollar index slipped 0.17% to 95.50. 


US Inflation Data


Earlier US data showed producer prices rose 0.2% as expected in September, compared to a 0.1% dip in August, while core prices rose 0.2% as well, matching estimates. . 


The final reading for wholesale inventories showed a 1% increase, compared to the preliminary reading's 0.8%, and adding to July's 0.6% increase. 


US President Donald Trump expressed discontent about the Federal Reserve's path for policy tightening and interest rate hikes, while asserting the independence of the Fed from the government's interference. 


US Treasury Secretary Steven Mnuchin warned China from engaging in currency depreciation, adding his department is monitoring the exchange rate very closely and noting that yuan's value has tumbled noticeably this year, which would be a major point of contention in trade negotiations with China. 


USDA Reports Sales, Inspections 


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. 


As for inspections of soybean product destined for export, they reached 32% until last Sunday, up 9% from the previous week. 


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