Soybeans rose in Chicago before a U.S. government report that may show falling global stockpiles as dry weather hurts crops in South America, home to the world’s largest exporters after the U.S. March-delivery soybeans climbed 0.8 percent to $13.68 a bushel on the Chicago Board of Trade at 12:34 p.m. Paris time. Wheat for March delivery added 1.3 percent to $7.695 a bushel and March-delivery corn gained 0.5 percent to $6.1025 a bushel. The U.S. Department of Agriculture may lower its estimate for global soybean inventories to 58.78 million metric tons at the end of this season from 60.1 million tons in December, according to the average projection of analysts surveyed by Bloomberg News. Stockpiles were forecast to decline from 60.4 million tons a year earlier. The USDA report is due at 8:30 a.m. Washington time today. The report “should confirm tension on corn and soybean stocks,” Paris-based farm adviser Agritel said in a comment today. “The report should also revise downward estimates for corn and soybean production in Argentina.” A rainfall deficit in Argentina was forecast to persist in corn and soybean areas in the seven days from yesterday, Telvent DTN Inc. said in a forecast. Brazil’s Rio Grande do Sul will have near to above-normal temperatures and below-normal rainfall, depleting soil moisture and increasing stress on developing soybeans, it said. The countries are the world’s second- and third-biggest soybean and corn exporters. “For Argentina, conditions remain very dry but rain is expected for the middle of next week,” Agritel said. Milling wheat for March delivery traded on NSYE Liffe in Paris slipped 0.1 percent to 253.75 euros ($329.14) a ton. Egypt, the world’s largest wheat importer, agreed to buy grain from the U.S. and Australia in a Jan. 8 tender, shunning European Union supplies. To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net. To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net.

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