Soybeans slump 5% below $9 as dollar surges

Economies.com
2018-08-10 20:45PM UTC

Soybean futures tumbled five percent in American trade to July 24 lows, on track for the first weekly loss in four as the dollar index spiked to July 2017 highs, following earlier data from the US, the world's largest soybean producer and exporter. 

 

As of 07:43 GMT, soybean futures due in November slumped 4.67% to $8.6175, marking two-week lows, while the dollar index rose 0.82% to 96.29 against a basket of main rivals, marking 13-month highs. 

 

USDA Reports Output, Inventory Forecasts 

 

The US Department of Agriculture released its monthly report on global agricultural demand and supply, raising expectations for soybean output to 4.586 billion bushels, or 51.6 bushels per acre, from 4.31 billion in July estimates, or 48.5 bushels per acre. 

 

The USDA also raised estimates for soybean inventories by the end of the 2018-2019 marketing year to 785 million bushels from 580 million in July estimates.

 

Other US data showed consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 

 

On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%. 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...