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    Wheat, corn, other grain commodities soar
    Email Print Normal font Large font AdvertisementFebruary 25, 2008 - 5:06PM

    Soybean and soybean oil futures in Chicago surged on speculation that global demand for food, animal feed and biofuels will exceed production this year. Corn also reached its highest ever, and wheat surged.

    Soybeans for May delivery rose as much as 20.75 cents, or 1.4%, to $US14.59 a bushel in after-hours electronic trading on the Chicago exchange, and stood at $US14.5575 at 8:31 a.m. Singapore time.

    Soybean oil for May delivery added as much as 1.05 cents, or 1.7%, to 64.07 cents a pound in Chicago, before trading at 63.91 US cents.

    Corn futures for May delivery advanced 6.8 US cents, or 1.3%, to $US5.4175 a bushel, and traded at $US5.405 at 8:32 a.m. Singapore time.

    Wheat for May delivery gained as much as 41 US cents, or 3.9%, to $US11.055 a bushel, breaching $US11 for the first time since Feb. 11 when the most-active contract reached a record $US11.53.

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