(Bloomberg) -- Soybean prices rose as a slump in dollar outweighed the strong US crop forecasts that had driven futures down for several weeks.
Futures advanced despite signs of good harvests in Nebraska and Indiana on the Pro Farmer Midwest Crop Tour this week. The gain comes after the dollar spot index fell to the lowest in eight months on Tuesday, giving US farmers an edge over rivals.
“This depreciation of the dollar against many currencies is providing support for US commodity prices, which have been on a downtrend for several weeks,” wrote Argus in a note.
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