Biofuel demand pushes soybean futures to 34-year high

01/4/2008 | Bloomberg

Soybean futures in Chicago hit a 34-year high as speculators weighed the biofuel source against record oil prices and the falling dollar. Corn and wheat futures also gained. The cheaper dollar means the price of US soybeans remains attractive for buyers using other currencies. Kenji Kobayashi, an analyst at Kanetsu Asset Management Co. in Tokyo, said the dollar's weakness "has helped investment funds increase their bets on soybeans and grains.''

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