Wheat rebounded from the lowest level since July on speculation that the decline may spur increased demand from importers in the Middle East. Corn and soybeans climbed. Wheat for March delivery gained as much as 0.5 percent to $7.78 a bushel on the Chicago Board of Trade, and was at $7.765 at 11:15 a.m. in Singapore. Earlier, the most-active price fell to $7.7125, the lowest since July 2, after a report showed slowing demand for supplies from the U.S., the biggest exporter. “We may see purchases coming in from the Middle East around this price,� Michael Pitts, a commodity sales director at National Australia Bank Ltd., said from Sydney. “Demand for wheat from Asia has slowed in the past few weeks.� Shipments of wheat inspected for export fell 9.1 percent to 15.128 million bushels in the week to Dec. 20, the lowest for the period since 2009, the U.S. Department of Agriculture said yesterday in the report. While 10 percent lower this month, wheat remains the best performer this year among 24 commodities traded on the Standard & Poor’s GSCI Index, up 19 percent. The amount of soybeans inspected for export jumped 8.3 percent to 44.5 million bushels in the week, according to the USDA. That was above expectations, Dan Cekander, director of grain market analysis at Newedge USA LLC, wrote in a report. Soybeans for March delivery rallied as much as 0.5 percent to $14.25 a bushel before trading at $14.22. That took the gain this year to 18 percent. Corn-export inspections dropped 18 percent from a week earlier to 13.475 million bushels in the week, the USDA said. Futures for March delivery rose as much as 0.3 percent to $6.9525 a bushel and traded at $6.95, taking gains this year to 7.5 percent. The U.S. Department of Agriculture is scheduled to release its export sales report on Dec. 28 at 8:30 a.m. in Washington. To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net To contact the editor responsible for this story: Jake Lloyd-Smith at jlloydsmith@bloomberg.net

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