Soybean futures dropped from a 26- month high, and corn and wheat declined as the dollar strengthened, making U.S. supplies more expensive for importers and investors holding other currencies. Soybeans for January delivery lost as much as 1 percent to $13.16 a bushel on the Chicago Board of Trade, before trading at $13.21 at 2:50 p.m. Singapore time. March-delivery corn fell 0.4 percent to $5.88 a bushel and wheat for December delivery declined 1.1 percent to $7.135 a bushel. The Dollar Index, which tracks the value of the currency against those of six major trading partners, advanced for a fourth day, as Federal Reserve Bank of Dallas President Richard Fisher said the central bank wants to make sure the dollar retains its purchasing power. “The strength of the dollar caused a lot of traders to call out of the market,” Jonathan Barratt, managing director at Commodity Broking Services Pty., said by phone from Sydney. Soybean futures yesterday jumped as much as 5.5 percent to $13.4475 a bushel, the highest level since August 2008, after the U.S. Department of Agriculture lowered its estimate on stockpiles in the nation and around the world, on higher import demand from China and the European Union. China, the world’s biggest importer of the oilseed, may buy 57 million metric tons this year, higher than the 55 million tons estimated last month, the USDA said yesterday. That will push U.S. exports higher, lowering inventories in the world’s biggest grower and shipper to 5.03 million tons, 30 percent smaller than forecast last month, the agency said. Soybean imports by China were 3.73 million tons last month, compared with 2.52 million tons a year ago and 4.64 million tons in September, according to customs data released today. The gain in imports in January-October was 26 percent, customs said. To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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