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Definition of 'Forecast'

Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. A commonplace example might be estimation of the expected value for some variable of interest at some specified future date.

A forecast, in futures trading, is a prediction of the price of a futures contract at a given point in the future. For example, the Crowd Forecasting feature developed by MyPivots calculates the averages of traders' forecasts of a closing price for a contract.

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