Soybean futures set to mark highest finish in a month as USDA cuts production forecast
Soybean prices climbed Thursday, poised to settle at their highest in roughly a month. The U.S. Department of Agriculture forecast (https://www.usda.gov/oce/commodity/wasde/wasde0919.pdf) U.S. soybean production for the 2019-2020 marketing year at 3.6 billion bushels, down 47 million from its previous forecast, citing a lower yield forecast of 47.9 bushels per acre. The USDA also forecast ending stocks of soybeans at 640 million bushels, down 115 million from last month's view. November soybeans traded at $8.86 3/4, up 20 1/4 cents, or 2.3%. A finish around that level would be the highest for a most-active contract since Aug. 13, according to FactSet data.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 12, 2019 12:24 ET (16:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.