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Soybeans fall for 7th session, hit 2-month low on dollar strength

06/16/2021 | 10:06pm EDT

CANBERRA, June 17 (Reuters) - U.S. soybean futures fell for a seventh consecutive session on Thursday as a strong dollar pushed prices to a two-month low.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board of Trade were down 0.4% to $14.42-3/4 a bushel by 0156 GMT, near the session low of $14.35-3/4 a bushel - the lowest since April 19. Soybeans closed down 1.2% on Wednesday.

* Corn futures were down 1.2% to $6.65 a bushel, having closed up 0.8% in the previous session.

* Wheat futures were little changed at $6.63 a bushel, having closed down 1.9% on Wednesday.

* Market digests reports that the U.S. Environmental Protection Agency is considering ways to provide relief to U.S. oil refiners from mandates requiring the blending of biofuels including soy-based biodiesel.

* Forecasts for improving weather in the U.S. Midwest crop belt pressured soybean and deferred corn futures, despite a drop in U.S. condition ratings for both crops this week.

MARKET NEWS

* The dollar rose to its highest level in almost two months versus major peers on Thursday after the Federal Reserve brought forward its projections for the first post-pandemic interest rate hikes into 2023, citing an improved health situation and dropping a long-standing reference that the crisis was weighing on the economy.

* Crude oil prices fell on a stronger U.S. dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world's top oil consumer. (Reporting by Colin Packham)


ę Reuters 2021
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