Soybeans tumble 2% as dollar climbs off three-week trough

Soybean futures fell over two percent in American trade to early November lows as the dollar index rose from November 7 lows, in a day that lacks major data releases from the US, the world's largest soybean producer and exporter. 

As of 08:58 GMT, soybean futures due in January slid 2.13% to $8.6225, marking early November lows, while the dollar index rose 0.13% to 97.05 away from three-week lows. 

Recent Chinese customs data showed soybean imports nearly doubled from Brazil from October, marking a 6.53 million tonnes purchase, compared to 3.16 million in the same month of 2017, while purchases from the US fell to only 67 thousand tonnes from 1.33 million last year. 

China has been avoiding buying US soybeans amid a raging trade war between both countries, with investors looking forward to the G20 Summit in Argentina this week in hopes of President Donald Trump and his Chinese counterpart Xi Jinping reaching a compromise of sort to soothe concerns.