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Soybeans Rise to One-Week High as Demand for U.S. Supply Climbs

Soybeans rose to a one-week high in Chicago, topping $13 a bushel, on signs demand is increasing for supplies from the U.S., the world’s second-biggest exporter.

U.S. export sales of soybeans climbed to 1.38 million metric tons in the week ended Nov. 14, up 51 percent from the prior week, the U.S. Department of Agriculture said yesterday. China, the world’s top importer, bought 84 percent of the total. Soybeans fell 7.4 percent this year as global production may climb to a record 283.5 million tons, spurred by an expected jump in South American output, the USDA estimates.

"The U.S. soybean harvest is nearing completion and we see strong nearby demand for beans," Jonathan Lane, a trading manager at Gleadell Agriculture Ltd. in Gainsborough, England, said in an e-mailed report today. "In South America plantings continue and currently there are no major problems reported."

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