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NEW YORK (AP) - Soybean futures continued their upward climb Friday, hitting a new record as investors bet that dwindling stockpiles coupled with growing demand in China will keep prices high. Wheat also rose.
Other commodities traded mostly higher, with heating oil futures rising amid a snowstorm in the Northeast and silver reaching its highest level since 1980.
Soybean prices have surged more than 15 percent this year, driven higher by poor harvests around the globe and growing Chinese demand for the beans used to feed people and livestock. Last week, China announced that bad winter storms had severely damaged 40 percent of the country's rapeseed crop, increasing expectations that the country will boost buying of soybeans to make up the shortfall.
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