Soybean closes lower, snaps 6-day rally
Soybean prices fell on Tuesday, to snap a 6-day winning streak, which was made thanks to the strong Chinese demand that pushed prices to a 4-year peak on Monday.
Analysts expect the Chinese government will import millions of tonnes of US farm goods alongside other countries, led by Brazil, within Beijing's plans to secure its supplies of grains amid fears of the second wave of coronavirus.
The Chinese customs reported on Friday importing corn shipments for the first time in 9 months.
The dollar index fell against a basket of currencies by 0.2% to 92.8 points as of 21:39 GMT, after it hit a high of 93.1 and a low of 92.7.
Soybean November futures fell 0.5% to $10.82 per bushel, after hitting a high of $10.94 and a low of $10.81.
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US crude inventories rise more than expected - API
The American Petroleum Institute (API) revealed today in preliminary data that the US crude inventories rose 4.6 million barrels during the past week, beating expectations of a rise by 200K barrels.
The gasoline inventories rose 2.3 million barrels, and the distillate inventories declined 5.3 million barrels during the same period.
While the Energy Information Administration (EIA) will release the official data on Wednesday, which have a significant impact on oil prices movement.
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US stocks close lower on weak consumer confidence data
The US stock indices fell mostly on Tuesday after the release of weak consumer confidence data, but the durable goods orders beat expectations.
Data showed that the US durable goods orders rose 1.9% in September, higher than forecasts of 0.5%.
While the CB consumer confidence index fell to 100.9 points vs. 101.3 points in September.
The US House of Representatives Speaker Nancy Pelosi announced yesterday continuing the negotiation with the US administration for a deal on passing the fiscal stimulus bill, but President Donald Trump ruled out passing this package before the presidential election.
To the oil market, US crude December futures at Nymex rose 2.6% or $1.01, and closed at $39.57 a barrel, with a day high of $39.6 and a low of $38.5.
Brent December futures rose 2% or 80 cents, and closed at $41.61 a barrel, after hitting a high of $41.3 and a low of $40.4.
As for stocks, Dow Jones fell 0.8% or 222 points to 27,463, with a high of 27,707 and a low of 27,457.
S&P 500 fell 0.3% or 10 points to 3,390, after hitting a high of 3,409 and a low of 3,388.
Nasdaq rose 0.6% or 72 points to 11,431 points, with a high of 11,465, and a low of 11,361 points.
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Silver closes higher, as dollar weakens
Silver prices rose on Tuesday, as the US dollar fell against its rivals, lifted by the release of weak US data.
Data showed that the US durable goods orders rose 1.9% in September, higher than forecasts of 0.5%.
While the CB consumer confidence index fell to 100.9 points vs. 101.3 points in September.
The dollar index fell against a basket of currencies by 0.2% to 92.8 points as of 21:27 GMT, after it hit a high of 93.1 and a low of 92.7.
Silver December futures rose 0.6% or 15 cents, and closed at 24.57 an ounce, with today's high at $24.760 and the low at 24.265.
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