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Soybeans rise to highest level in five months

February 25, 2014

NEW YORK (AP) — Soybean prices are the highest they’ve been in five months as demand for the crop increases.

The U.S. Department of Agriculture announced a sale of 568,000 metric tons of soybeans Tuesday. The price of soybeans has rallied this year amid signs of strong demand from China.

Soybeans for delivery in May rose 12.25 cents, or 0.9 percent, to $13.87 a bushel. That’s the highest price since September 2013.

Corn and wheat futures also rose.

Metal prices were mixed. Gold and platinum rose. Silver, copper and palladium all fell.

In energy trading, the price of oil fell 99 cents, or 1 percent, to $101.83 a barrel as weather forecasters backed off previous predictions for unusually cold temperatures next month.

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