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Soybeans Climb to Highest Since 2008, Wheat Advances on Drought

Soybeans soared to the highest level since 2008 and near to a record in Chicago, while wheat gained to the costliest since February last year and corn erased a loss, on concern the worst U.S. drought in decades may persist through the growing season, pummeling yields.

Soybeans for November delivery rose as much as 0.7 percent to $16.32 a bushel, the highest level for a most-active contract since July 2008, when the price peaked at $16.3675 during the global food crisis. The oilseed traded at $16.315 at 3:09 p.m. in Singapore.