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CBOT soybeans tumble as dollar rallies

Chicago Board of Trade soybeans Sv1 fell on Friday as a rallying U.S. dollar, generally favorable weather in the U.S. and push back against a new Brazilian tax measure pressured prices.

The U.S. dollar rallied following a stronger-than-expected jobs report. A higher U.S dollar usually makes U.S. exports less competitive globally.

Brazilian soybean companies on Thursday blasted new rules for use of tax credits, increasing the odds the measure will be rejected by a Congress heavily influenced by farming interests.

Soybeans had rallied earlier in the week on hopes the new rules would boost U.S. export business over Brazil.

CBOT July soybean futures SN24 settled down 20-3/4 cents at $11.79-1/4 per bushel.

For the week, the most active soybean futures contract on a continuous chart Sv1 ended down 2.14%.

China imported 10.22 million metric tons of soybeans in May, customs data showed, below the levels of a year ago but more than April’s shipment volumes, as good crush margins supported demand for cheaper Brazilian beans.

The U.S. Department of Agriculture confirmed private sales of 104,000 metric tons of U.S. soybeans to China for delivery in the 2023/24 marketing year.

CBOT July soymeal SMN24 ended down $2.10 to close at $360.70 per short ton.

CBOT July soyoil BON24 ended down 0.72 cents at 43.63 cents per pound.
Source: Reuters (Reporting by Heather Schlitz)

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