Soybeans advanced as dry weather may increase stress on crops in Brazil, set to overtake the U.S. as the world’s biggest exporter, amid declining world supplies. Corn was poised to snap its longest rally in a year. Soybeans for March delivery gained as much as 0.4 percent to $14.195 a bushel on the Chicago Board of Trade and were at $14.1825 at 10:48 a.m. in Singapore. Futures climbed as much as 1.3 percent yesterday to the highest level since Dec. 26. Mostly dry weather during the next seven to 10 days and warmer temperatures will deplete soil moisture and increase stress on developing soybeans in Rio Grande do Sul, forecaster DTN said in a report yesterday. The “situation bears watching,� it said. Global inventories on Sept. 30 will be 59.46 million tons, down from 59.93 million forecast in December, the U.S. Department of Agriculture said Jan. 11. “Things are still pretty tight,� Victor Thianpiriya, an agricultural analyst at Australia & New Zealand Banking Group Ltd., said by phone from Singapore today. The USDA “didn’t do a lot to the global balance sheet. Carryout is tight, it’s still the same theme,� he said. The oilseed reached a record $17.89 a bushel on Sept. 4 as the worst U.S. drought since the 1930s damaged crops. The nation’s stockpiles on Dec. 1 fell 17 percent from a year earlier to 1.966 billion bushels, the lowest in nine years, according to the USDA. Corn for March delivery declined as much as 0.3 percent to $7.285 a bushel before trading at $7.3025. The most-active contract advanced for the seventh straight session yesterday, the longest rally since Dec. 28, 2011. Wheat for March delivery gained 0.2 percent to $7.845 a bushel. To contact the reporter on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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