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Soybeans firm on Chinese demand, close to one-week high

soy-beanSYDNEY: US soybeans edged higher on Monday for the second consecutive session, as talk of Chinese demand supported the oilseed to a near one-week high.


Corn rose slightly, lingering near a two-week high, while wheat firmed, buoyed by global tightness in key exporting countries.


Chicago Board of Trade January soybeans rose 0.19 percent to $14.21-1/2 a bushel, having closed up 0.8 percent on Friday, after hitting a one-week high of $14.27 a bushel.


"I think soybeans have some support from reports of increasing demand from China," said Lynette Tan, an analyst at Phillip Futures in Singapore.


December corn was little changed at $7.45-3/4 a bushel after firming 0.6 percent in the previous session, when the grain hit a two-week high.


January wheat, the most active trading contract, rose 0.1 percent to $8.62-3/4 a bushel, while the front-month was little changed, having closed up 0.3 percent on Friday.


"Wheat has support from bearish conditions in other exporting countries," Tan said.


Copyright Reuters, 2012


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