CHICAGO: US soybean futures reversed early-session gains on Thursday and closed lower as a stronger US dollar fueled broad-based selling across commodities markets, traders said.
Reports of very large soybean yields from the US Midwest harvest also weighed on prices.
Soymeal and soyoil futures closed lower.
Chicago Board of Trade November soybeans fell 6 cents, or 0.6 percent, to settle at $9.75-1/2 a bushel after earlier hitting a four-week high. Selling accelerated as the contract fell below its 200-day moving average.
The US dollar rose to its highest point in seven months against a basket of currencies after the European Central Bank President left the door open to more monetary stimulus at its policy meeting.
The 19-market Thomson Reuters Core Commodity CRB Index dropped about 0.9 percent.
Early-session gains were fueled by stronger-than-anticipated soybean export demand.
The US Department of Agriculture reported export sales of US soybeans in the latest week at just over 2 million tonnes, well above a range of trade expectations for 1.0 million to 1.3 million tonnes.
The USDA also confirmed private sales of 192,000 tonnes of US soybeans to unknown destinations for 2016-17 delivery.
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