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Soybeans Rise as Demand for U.S. Supply Climbs; Corn Declines

Soybeans rose to the highest in eight weeks in Chicago on signs demand is increasing for supplies from the U.S., the world’s second-biggest exporter. Wheat also gained, while corn futures fell.

U.S. exporters reported 115,000 metric tons of soybeans sold to China for delivery before Aug. 31, the U.S. Department of Agriculture said today. Sales reported in the week ended Nov. 14 jumped 62 percent from a week earlier to 1.38 million, the USDA said yesterday. China, the top importer, bought 84 percent of the total. Sales of soybean meal since Oct. 1 are 27 percent higher than a year earlier, boosting processor demand for the oilseed.