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333525

CBOT soybeans top two-month high on reduced U.S. crop forecast

CHICAGO, Sept 12 (Reuters) - Chicago Board of Trade soybean futures soared on Monday after the U.S. Department of Agriculture lowered its domestic crop estimates more than expected, analysts said. * The benchmark November contract ended 76 cents higher at $14.88-1/4 a bushel. The most-active contract reached its highest price since June 30 at $14.90-1/4. * CBOT December soyoil was up 1.67 cents at 66.49 cents per lb. CBOT December soymeal ended $23.90 higher at $434.60 a ton and set a contract high. * The USDA, in a monthly report, said U.S. corn and soybean supplies will fall to multi-year lows as hot and dry weather during August in western growing areas cut into the harvest potential for both crops. * U.S. soybean ending stocks for 2022/23 were projected at a seven-year low, of 200 million bushels. * The USDA, in a separate weekly report due at 3 p.m. CDT (2000 GMT) on Monday, is expected to say that the condition of the corn crop remains unchanged at 57% good-excellent, analysts said. (Reporting by Tom Polansek; Editing by Hugh Lawson)

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