By Luzi Ann Javier and Rudy Ruitenberg Feb. 11 (Bloomberg) -- Soybeans rose in Chicago to the highest price in more than two weeks and corn gained for a fourth day as climbing oil prices made alternative fuels derived from crops more competitive. Soybeans for March delivery added 0.9 percent to $9.4575 a bushel in electronic trading on the Chicago Board of Trade at 2:14 Paris time. The oilseed advanced as high as $9.505, the highest level since Jan. 25. March-delivery corn gained 0.6 percent to $3.6375 a bushel. Crude oil rose for a fourth day in New York, adding 0.3 percent to $74.77 a barrel. Soybeans and rapeseed are used to make biodiesel, while corn is used to manufacture gasoline supplement ethanol. “Oilseeds have benefited from the recovery of oil prices,” French farm adviser Offre et Demande Agricole said in a market comment. Rapeseed for May delivery traded on NYSE Liffe in Paris added 0.6 percent to 291.75 euros ($399.64) a metric ton. Wheat for March delivery lost 0.7 percent to $4.935 a bushel in Chicago after rising 3 percent yesterday. Liffe-traded milling wheat rose 0.6 percent to 126.25 euros a ton. Chicago wheat futures have dropped 8.5 percent this year as global production exceeds demand, boosting stockpiles. The U.S. Department of Agriculture on Feb. 9 raised its estimate of global wheat stocks to 195.9 million tons this year from January’s 195.6 million tons. To contact the reporters on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net; Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net.

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