Soy is closing at an important high

 Soybean prices rose during trading on Friday, amid the dollar's decline against most major currencies, in addition to the positive expectations regarding global demand, especially after strong Chinese data.

The US Department of Agriculture had raised its forecast for the 2020/2021 Brazilian soy harvest season to 136 million tons compared to its March estimate of 134 million tons, while analysts expected the harvest to range from 132 to 137 million tons.

As for the Argentine crops, the US Department of Agriculture kept its March forecast for the Latin nation's soy crop at 46.5 million tons, when compared to analysts' forecasts of between 44.5 and 47.5 million tons.

And government data released today revealed that the real reading of the Chinese GDP (the second largest economy in the world) recorded a growth of 18.3% during the first quarter, a growth consistent with analysts' expectations.

On the other hand, the dollar index fell (against a basket of major currencies) by 20:09 GMT by 0.1% to 91.6 points, and recorded the highest level at 91.8 points and the lowest level at 91.4 points.

At the close of trading, soybean futures for May delivery rose 1.1% to $ 14.33 a bushel, and recorded the highest price at $ 14.37 and the lowest price at $ 14.18.