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Soybean futures fell nearly five percent during the US session, its lowest since July 24 and the first weekly losses in four weeks, as the dollar index rose to its highest since July 5, 2017, according to the inverse relationship Following the economic developments and data followed Friday by the US economy, the world's largest producer and exporter of soybeans.
The price of soybeans futures for November delivery fell 4.67% to $ 8.6175 per bushel, the lowest in more than two weeks compared to the opening at $ 9.0400 per bushel, amid the rise of the US dollar index by 0.82% To 96.29 with a 13-month high against the opening at 95.50.
We have followed the US economy, the world's largest economy, to reveal inflation data according to the consumer price index, which showed that inflationary pressures accelerated to 0.2% in line with expectations compared to 0.1% in June, while the core reading of the same index showed stable growth at 0.2% in line with expectations, unchanged from the previous reading for the month of June.
The annual reading of the consumer price index showed a steady growth rate of 2.9% in line with expectations, unchanged from the previous June reading, while the core annual reading showed a rapid growth rate of 2.4% compared to the annual reading Prior to June and expectations at 2.3%.
On the other hand, we followed the US Department of Agriculture's monthly report on supply and demand for global agricultural crops from which soybean production surveys were raised to 4,586 million bushels by 51.6 bushel per feddan, compared to 4.31 billion bushels, or 48.5 bushels per person, Last July, surpassing the average of 4,407 million bushels at 49.6 bushel per acre.
In the same context, the US Department of Agriculture increased its forecast for soybean stocks by the end of the marketing year 2018-2019 to 785 million bushels from 580 million bushels in July, higher than the forecast of 638 million bushels The total stocks will be at the end of August of Next year.
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