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 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

SX19, +2.77%

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.

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