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CBOT soybeans jump after USDA cuts U.S. harvest forecast

CHICAGO, Oct 12 (Reuters) - Chicago Board of Trade soybean futures rallied on Wednesday after the U.S. Department of Agriculture (USDA) lowered its U.S. harvest forecast in a monthly report that was expected to show an increase in production. * Support from the production cut was partly offset by increases by USDA in Brazil's soy harvest and export outlook. * The benchmark CBOT November soybean futures contract settled up 19-3/4 cents at $13.96 a bushel. The contract hit overhead technical resistance around the $14 a bushel level and its 20- and 50-day moving averages. * CBOT December soymeal settled up $8.30 at $414.30 a ton and CBOT December soyoil gained 0.12 cent to 65.59 cents per lb. * The USDA said on Tuesday afternoon that U.S. soybean harvest was 44% complete as of Oct. 9, ahead of the five-year average and 3 percentage points more than analysts were expecting. * Private exporters reported the sale of 526,000 tonnes of soybeans to China for delivery in the 2022/23 marketing year, the U.S. Agriculture Department said. (Reporting by Karl Plume in Chicago; editing by Deepa Babington)

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