Corn, soybean futures soar to more-than-6-year highs after USDA data

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Corn and soybean futures surged Tuesday after the U.S. Department of Agriculture’s January World Agricultural Supply and Demand Estimates, or WASDE, slashed projected ending stocks for both commodities, reflecting cuts to last year’s U.S. production estimates and a worsening outlook for South American crops. March corn futures jumped 25 cents, the daily limit, to $5.17 1/4 a bushel, a gain of 5.1%. March soybean futures were up 48 3/4 cents, or 3.5%, to $14.21 a bushel. Both corn and soybean futures traded at the highest level for most actively traded contracts since mid-2014, according to FactSet.
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