Soybean prices turned lower on Friday, despite a retreat in the US dollar against most currencies and rising US exports of agricultural goods.

Soybean opened higher today thanks to strong demand and fears over dry weather conditions in Brazil, but soon investors rushed to profit taking.

The US Department of Agriculture revealed in its weekly report that the US sold 2.631 million tonnes of soybean, beating market's estimates of between 1.5 million and 2.2 million tonnes.

The USDA also stated that private US exporters sold 391,150 tonnes of soy to other parties.

The dollar index fell against a basket of currencies by 0.1% to 93.7 points as of 22:50 GMT, after it hit a high of 93.8 and a low of 93.5.

Soybean November futures fell 1.1% to $10.5 per bushel, after hitting a day high of $10.70 and a low of $10.48.