Soybean closes higher on rising US exports

Soybean prices rose on Monday, despite the dollar’s rise against its peers, lifted by the recovery of US exports and positive news about Pfizer's Covid-19 vaccine.

The American company Pfizer announced that the vaccine candidate developed in cooperation with BioNTech was found to be more than 90% effective in preventing COVID-19.

The US Department of Agriculture reported that US exporters have sold around 130,000 tonnes of soybean to various destinations.

The dollar index rose against a basket of major currencies by 0.6% to 92.8 points as of 22:07 GMT, after hitting a high of 92.9 points and a low of 92.1 points.

Soybean December futures rose 0.8%, and closed at $11.10 per bushel, after hitting a high of $11.19, and a low of $10.99.