Soybean prices on track to notch highest finish since 2014

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Soybean futures inched higher Tuesday, poised to notch their highest settlement since 2014. The U.S. Department of Agriculture pegged its forecast for U.S. 2020/2021 soybean ending stocks at 120 million bushels, unchanged from last month’s estimate, according to the monthly World Agricultural Supply and Demand Estimates report released Tuesday. “This report confirms the continued tightness in the global soybean balance sheet,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading. The report also “reaffirms the projection that the world will consume almost 10 million more metric tons (over 360 million bushels) of soybeans than it will produce in the coming year, even with an expected record high Brazilian soybean harvest.” May soybeans
SK21,
+0.24%
rose 7 1/2 cents, or 0.5%, to $14.41 1/4 a bushel, with prices based on the most-active contract, on track to settle at their highest since June 2014, FactSet data show. Prices settled at $14.33 3/4 a bushel on Monday, which also marked a nearly seven-year high.

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