Corn dropped, reversing gains, on speculation the U.S. government may raise its estimate of global supplies tomorrow, intensifying competition among exporters. Wheat advanced while soybeans were little changed. December-delivery corn declined 0.4 percent to $6.0275 a bushel on the Chicago Board of Trade at 3:26 p.m. Singapore time, reversing a 0.7 percent advance. Inventories of corn will probably reach 120.5 million metric tons at the end of this season, higher than last month’s estimate of 117.4 million tons by the U.S. Department of Agriculture, according to the average estimate of analysts surveyed by Bloomberg. “We’re expecting traders to stay on the sidelines and delay purchases until they see the next USDA report,” Lynette Tan, an analyst at Phillip Futures Pte, said by phone from Singapore today. The U.S. government publishes its monthly world supply and demand estimates tomorrow. Ukraine, set to become the world’s third-biggest corn exporter, will probably ship about 10 million tons of grain in the first half of this marketing year, Volodymyr Lapa, an analyst at the Ukrainian Agribusiness Club, said yesterday. Soybeans for delivery in November were little changed at $11.7625 a bushel, reversing a 1.3 percent gain. Wheat for delivery in December added 0.4 percent to $6.14 a bushel. 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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