Soybean futures look to settle at a more than 2-week high as USDA cuts U.S. production, yield forecasts

Soybean futures climbed on Monday, poised to end the session at their highest in more than two weeks after the U.S. Department of Agriculture reduced its 2022/2023 U.S. soybean production forecast by 152 million bushels to 4.4 billion bushels. In its monthly World Agricultural Supply and Demand Estimates report, it also forecast U.S. soybean yield at 50.5 bushels per acre, down 1.4 bushels from the August forecast. November soybeans rose 33 cents, or 2.3%, to $14.45 1/4 a bushel. A settlement around this level would mark the highest for a most-active contract since Aug. 26, FactSet data show. The USDA also kept its 2022/2023 U.S. wheat supply outlook unchanged, but lowered its outlook for domestic corn supplies. December wheat traded at $8.52 3/4 a bushel, down 16 3/4 cents, or 1.9%, while December corn fell by a penny, or nearly 0.2%, to $6.84 a bushel.

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