Wheat extended a rebound from a six- month low as some investors closed bets on further declines amid speculation that the U.S., the world’s biggest exporter, may cut estimates for inventories. Soybeans declined. Wheat for delivery in March climbed as much as 0.3 percent to $7.535 a bushel on the Chicago Board of Trade and was at $7.52 at 10:30 a.m. in Singapore. Futures slumped to $7.3975 on Jan. 4, the lowest price for a most-active contract since June, before rebounding 0.5 percent yesterday. U.S. inventories before the 2013 harvest will probably be smaller than the government forecast last month, according to a survey of 30 analysts by Bloomberg. Ending stockpiles may be 741 million bushels, down from the previous estimate of 754 million, the survey showed. The U.S. Department of Agriculture will release its world supply-and-demand estimates on Jan. 11. “Short covering helped lift U.S. wheat futures from their six-month lows, with ongoing uncertainty about U.S. production prospects maintaining some fundamental price support,� Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said in a report today. So-called short-covering refers to ending bets on declines. U.S. winter-wheat acreage climbed to the highest in four years as high prices and crop-insurance guarantees encouraged farmers to boost plantings, according to a survey of 22 analysts by Bloomberg News. Wheat traded as high as $9.4725 in July as a drought hurt U.S. crops. Corn for delivery in March was little changed at $6.8575 a bushel. Soybeans for March delivery dropped 0.2 percent to $13.855 a bushel after rising 1.6 percent yesterday. 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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