Soybean futures for November delivery on the Chicago Board of Trade rallied 1.7 percent to $16.4675 a bushel, extending this year’s gain to 36 percent. Wheat jumped as much as 2 percent to $9.2125 a bushel, the most since August 2008, and corn climbed 1.8 percent to $7.98 a bushel, the highest since June 2008. The all-time high for corn is $7.9925 a bushel.
Spain’s 10-year bond yield rose six basis points to 7.02 percent. The nation sold bonds due in 2014 at an average yield of 5.204 percent, compared with 4.335 percent when they were last sold on June 7. It sold five-year notes at 6.459 percent, compared with 6.072 percent on June 21 and seven-year securities at an average yield of 6.701 percent.
Demand for the two-year debt was 1.9 times the amount sold, compared with 4.26 last month and the bid-to-cover for the 2017 securities was 2.06, compared with 3.44 in June, the Bank of Spain said.
Rates on Austrian, Belgian and French debt fell to record lows. Yields on two-year Treasuries were at the lowest level since January.
The cost of insuring European corporate debt declined for a third day, with the Markit iTraxx Europe Index of 125 investment-grade companies dropping two basis points to a two- week low of 160.5.
The MSCI Emerging Markets Index climbed 1.2 percent, on course for its biggest gain in a week and its highest close since July 6. The Hang Seng China Enterprises Index of Chinese companies listed in Hong Kong jumped 2.4 percent, the most this month. China’s Premier Wen Jiabao will probably decide to reduce banks’ reserve requirements and encourage corporate lending as the cabinet meets to discuss efforts to revive economic growth, the swap market indicates. Benchmark indexes in South Korea and Taiwan gained more than 1 percent.
Russia’s Micex Index jumped 1 percent as oil gained. The ruble strengthened 1 percent against the dollar, trading at the highest level since May.