US soybean prices fell following Brazil’s rains, and the high dollar

Chicago soybean futures fell 2% on Wednesday due to concerns about supply in Brazil, the country’s largest exporter, while foreign buyers lost interest in American agricultural products due to a strong increase in the value of the dollar.  The most actively traded soybean contract on the Chicago Board of Trade (CBOT) Sv1 remained steady at $12.74 per bushel, the lowest level since October 12.The US dollar fell after rising by almost 1% against a group of significant peers on Tuesday. Rainfall in northern Brazil is gradually improving crop conditions and moisture levels. Forecasters at Maxar indicated that the rainy weather is predicted to stay “very active” this week. The U.S. Department of Agriculture reported that 200.1 million bushels of soybeans were crushed in November, more than the 199.7 million bushels economists had predicted. Although U.S. soybean exports have been sluggish, local demand has been strong. (Source: