Soybeans were higher on commercial and technical buying, with contracts posting a week-to-week gain. The USDA’s Ag Outlook Forum shows tight soybean supplies next marketing year, even as production rises. With planted area at 90 million acres, the USDA is using a yield of 50.8 bushels per acre, 2021 U.S. production is seen at a record 4.525 billion bushels, with ending stocks of 145 million bushels and a stocks to usage ratio of 3.2%. The USDA does expect slower export demand next marketing year, with China likely focused on record production in Brazil, but with stronger domestic crush use.

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