Soybeans declined from a seven-week high on speculation that rains forecast for Argentina will aid crops in the world’s third-largest exporter, reducing demand for U.S. supplies. Corn and wheat were little changed. The contract for March delivery declined as much as 0.4 percent to $14.8325 a bushel on the Chicago Board of Trade and was little changed at $14.8675 by 2:10 p.m. Singapore time. Futures reached $14.98 a bushel yesterday, the highest level since Dec. 17. Prices have climbed 5.5 percent this year. There is a chance for a few showers developing in Argentina in the southwest and spreading northeast during the weekend, DTN said in a report dated yesterday. After a wet end to last week, a dry weather pattern is expected to favor field work across much of the wheat and soybean croplands this week, according to a forecast by AccuWeather Inc., which predicted rains in the region from Saturday to Monday. “There are reports saying that weather in Argentina is probably going to improve by the end of this week,� Joyce Liu, an analyst at Phillip Futures Pte, said by phone from Singapore. “That is taking some risk premium off.� Argentina will harvest 54.5 million metric tons in the year that began Sept. 1, down from 58.4 million tons estimated last month, Informa Economics Inc. said Feb. 1. The country’s harvest may be 52.9 million tons, according to the average of estimates of 23 analysts in a Bloomberg survey. That’s less than the 54 million forecast by the U.S. Department of Agriculture, which will update its estimates on Feb. 8. Soybean prices will remain supported as China’s demand grows, said Liu. The biggest importer is probably buying more supplies from the U.S. as the Argentine crop may be smaller than expected, she said. U.S. exporters sold 116,000 tons of soybeans to China, of which 58,000 tons are for delivery before Aug. 31, and 58,000 tons are for delivery in the 12 months starting Sept. 1, the USDA said yesterday. Soybeans inspected for export jumped 32 percent in the week ended Jan. 31 to the highest since the week ended Nov. 15, according to USDA data. Corn for March delivery was little changed at $7.3425 a bushel. Wheat for delivery in the same month was little changed at $7.6325 a bushel. To contact the reporter on this story: Ranjeetha Pakiam in Kuala Lumpur at rpakiam@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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