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Oct. 12, 2021, 12:43 p.m. EDT

Soybean futures eye lowest settlement of the year as USDA lifts U.S. production forecast

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By Myra P. Saefong

Soybean futures fell on Tuesday after the U.S. Department of Agriculture lifted its 2021/2022 U.S. soybean production forecast by 74 million bushels to 4.4 billion bushels. The USDA also forecast U.S. soybean supplies for 2021/2022 marketing year at 4.7 billion bushels, up 145 million. Soybean ending stocks were forecast at 320 million bushels, up 135 million from last month's forecast. Soybeans surprised with an "upward revision in ending stocks, even higher than what had been anticipated," said Sal Gilbertie, president and chief investment officer at Teucrium Trading, adding that soybean prices had been trading lower before the report. November soybeans fell 19 1/2 cents, or 1.6%, to $12.08 3/4 a bushel. A settlement around this level would mark the lowest for a most-active contract since mid-December 2020, FactSet data show. December corn also fell 7 1/2 cents, or 1.4%, to $5.25 1/4 a bushel. The USDA raised its 2021/2022 U.S. corn production forecast by 23 million bushels to 15.02 billion bushels. Meanwhile, December wheat moved up by 10 cents, or 1.4%, at $7.41 3/4 a bushel after the USDA forecast global ending stocks at a five-year low and U.S. ending stocks at a 14-year low, said Gilbertie.

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