Soybean Futures Climb Near a Two-year High After USDA Report

By Myra P. SaefongMarketsMarketWatch Pulse

Soybean futures rallied Friday to trade at their highest levels in nearly two years as the U.S. Department of Agriculture cut domestic supply estimates for the crop. Soybeans are expected to end the 2015/2016 crop year with stocks of 370 million bushels, down 30 million from last month's estimate, the USDA said. Ending stocks for the 2016/2017 crop year were also cut by 45 million to 260 million bushels. July soybeans traded at $11.845 a bushel, up 8.5 cents, or 0.7%. Prices haven't traded or settled at a level this high since late June 2014, according to FactSet data.

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