Soybean futures rose nearly three percent in American trade to August 21 highs, as the dollar index backed off August 20 highs for the fourth session out of five, following earlier data from the US, the world's largest soybean producer and exporter.
As of 07:58 GMT, soybean futures due in December rose 2.77% to $8.915, marking two-month highs, as the dollar index shed 0.12% to 95.11.
USDA Reports Output Forecasts, Inspections
The US Department of Agriculture released its report on global agricultural supply and demand, cutting forecasts for soybean output to 4.690 billion bushels, or 88.3 bushels per acre, from 4.693 billion bushels, or 88.9 bushels per acre in the September report, meaning US output could reach record highs for the third year in a row.
last Wednesday, the USDA reported that 32% of soybean harvest has been finished, up from 9% in the previous week.
Other not-directlyrelated US data showed retail sales rose 0.1%, same as August and missing estimates of 0.7%, while core prices fell 0.1%, missing estimates of a 0.4% addition.
The Empire State Manufacturing index rose to 21.1 from 19 in August, besting estimates of 20.4, while wholesale inventories rose 0.5%, adding to the 0.6% increase in July.