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Soy Traders Most Bullish Since March as Drought Cut Crops

Soybean traders are the most bullish in seven weeks as drought damage to crops in Argentina and Brazil boosts demand for supplies from the U.S., the biggest producer of the oilseed.

Sixteen of 24 analysts surveyed by Bloomberg expect prices to gain next week and one was neutral, the highest proportion since March 16. Soybean futures reached $15.125 a bushel this week, the highest since July 2008. Hedge funds are making the biggest bet on rising prices since at least June 2006, data from the Commodity Futures Trading Commission show.