Soybean futures on track to settle at highest since March 2018 as USDA cuts production forecast

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Soybean prices climbed Friday, poised for the highest settlement since March 2018, after the U.S. Department of Agriculture lowered its forecasts for U.S. production and supplies for the 2020/2021 marketing year. The government agency said U.S. soybean production is forecast at 4.3 billion bushels, down 45 million from the previous forecast due to lower harvested area. Soybean supplies are forecast at 4.8 billion bushels, down 96 million. November soybeans traded at $10.71 3/4 a bushel, up 21 3/4, or 2.1%. A settlement around that level would be the highest for a most-active contract since March 2018, according to FactSet data.
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