Soybean futures poised to settle at a more than 2-year high after USDA data

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Soybean prices climbed Friday, poised for the highest settlement since 2018 as the U.S. Department of Agriculture reported lower production estimates for domestic soybean production. In a monthly report, the USDA forecast soybean production for the 2020/2021 marketing year at 4.3 billion bushels, down 112 million from the previous forecast, citing a lower yield forecast. Yield is down 1.4 bushels per acre from the August forecast to 51.9 bushels per acre, it said. The USDA also forecast U.S. exports of 2.125 billion bushels for 2020/2021, up from 1.68 billion bushels the previous marketing year, leading to “higher usage” and lower excess supply in the U.S., said Sal Gilbertie, president at Teucrium Trading. November soybeans traded at $9.92 3/4 a bushel, up 15 1/4, or 1.6%. A settlement around that level would be the highest for a most-active contract since June 2018, according to FactSet data.
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