WASHINGTON, Sept 12 (Reuters) – The U.S. Agriculture Department said on Monday that record U.S. soybean yields and production would be higher than previously forecast due to improved crop conditions during August, a critical development period for the oilseed.

The USDA, in issuing its latest monthly U.S. crop forecasts,also trimmed its corn production and yield projections from its August outlook. Even so, they were pegged near the high end of analysts’ forecasts and USDA reiterated its expectation for a record harvest of the yellow grain.

The increased soybean production outlook outstripped rising demand from the domestic and export sectors, and USDA raised its outlook for supplies left at the end of the 2016/17 marketing year, commonly referred to as end stocks.

For corn, 2016/17 U.S. end stocks were lowered by 25 million bushels to reflect the reduced harvest expectations but remained on track to be the biggest since the 1987/88 marketing year.

“USDA increased (soybean) crush for next year and exports for next year, but you still ended up with production outweighing the demand increases,” said Jim Gerlach, president of A/C Trading in Indiana.

Soybean futures Sv1 fell to session lows after the report was released. Corn Cv1 also hit a session low but quickly recovered its losses to hover around unchanged.

USDA left its domestic wheat end stocks view unchanged in its supply and demand report, roughly in line with market expectations.

In the monthly update, USDA forecast the 2016/17 U.S. soybean crop at 4.201 billion bushels, based on an average yield of 50.6 bushels per acre. That topped analysts’ forecasts that ranged from 4.019 billion bushels to 4.162 billion bushels for production and 48.1 bushels per acre to 50.1 bushels per acre for yield.

Corn production was seen at 15.093 billion bushels, down from the government’s August estimate of 15.153 billion bushels. USDA lowered its corn yield view by 0.7 bushels per acre to 174.4 bushels per acre.

On the supply side, the government cut its 2015/16 soybean ending stocks view to 195 million bushels from 255 million bushels. Analysts, on average, had expected 2015/16 soy ending stocks of 232 million bushels. The move reflected a 60 million-bushel increase in exports for the marketing year.

For 2016/17, USDA pegged soybean ending stocks at 365 million bushels, up from 330 million bushels in its August report, due to the increased harvest view.

The government said 2015/16 U.S. corn ending stocks would be 1.716 billion bushels, up 10 million from August due to lower exports. For 2016/17, domestic corn stocks were pegged at 2.384 billion bushels.

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Adds comment, detail

SINGAPORE, Sept 7 (Reuters) – Chicago soybeans rose for a fourth consecutive session on Wednesday, with prices underpinned by strong demand and concerns over excessive wet weather delaying the U.S. harvest.

Corn prices remain under pressure as farmers start gathering a record-sized U.S. crop, while wheat ticked up after closing marginally lower on Tuesday.

The most-active soybean contract on the Chicago Board of Trade Sv1 had risen 0.1 percent to $9.61 a bushel by 0306 GMT, having firmed 0.8 percent on Tuesday when it hit the highest since Aug. 30 at $9.64 a bushel.

Corn Cv1 was unchanged at $3.28-1/2 a bushel, after dropping to multi-year lows last week and wheat Wv1 gained 0.2 percent to $3.99-1/4 a bushel.

“The U.S. Midwest is likely to receive more rain this week than had previously been forecast,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

“While meteorologists have downplayed the impact on crops, plenty of market chatter about delays to maturation and harvesting is doing the rounds.”

Soybean prices drew support from a USDA report showing export inspections of U.S. soybeans in the latest week at 1,232,739 tonnes, above a range of trade expectations for 700,000 to 950,000 tonnes.

Gains in soybeans are being capped by the healthy condition of the U.S. crop so far this season. The U.S. Department of Agriculture rated the soybean crop as 73 percent good-to-excellent, unchanged from last week. Analysts had expected a slight decline in ratings.

The USDA rated 74 percent of the U.S. corn crop in good-to-excellent condition, in line with trade expectations and down from 75 percent the previous week.

The government has not yet issued a national figure for corn harvest progress, but state reports pegged the harvest as 1-percent complete in Illinois and 8-percent complete in Missouri.

Commodity funds were net buyers of CBOT soybean futures on Tuesday and small net sellers of corn and wheat. COMFUND/CBT

Meanwhile, Canada’s wheat stockpile shrank to its smallest mid-summer level on record, a Reuters trade survey estimated ahead of a government crop report.

• Soybeans, corn fall as USDA rates crops in healthy condition
• Strong soybean demand limits price decline, wheat extends losses

SINGAPORE, Aug 23 (Reuters) – Chicago soybean futures lost ground on Tuesday, while corn slid for a second session, with renewed pressure on prices after a U.S. government report showed both crops thriving in near-perfect weather.

Wheat fell, adding to Monday’s more than 2 percent decline, as abundant global supplies continue to weigh on the market.

Chicago Board of Trade most-active corn contract Cv1 fell 0.5 percent to $3.40-3/4 a bushel by 0301 GMT, having closed down by about a similar amount in the previous session.

Soybeans Sv1 dipped 0.3 percent to $10.13 a bushel and wheat Wv1 gave up 0.7 percent to $4.32-1/4 a bushel.

“Growing conditions for beans are fantastic across the U.S. Midwest,” said one agricultural commodities analyst.

“The U.S. crop has been estimated to be a record large and it is likely to get bigger as the weather outlook for next week or two looks perfect.”

The U.S. Department of Agriculture (USDA) rated 75 percent of the U.S. corn crop in good-to-excellent condition, up from 74 percent the previous week, while soybean ratings held steady at 72 percent rated good-to-excellent. US/CROPS

Analysts had expected the USDA to report a decline in the condition of the corn crop, with soybeans seen as unchanged. At this time of last year, 69 percent of corn and 63 percent of soybeans were rated good-to-excellent.

Still, strong demand is underpinning the soybean market.

The USDA said private exporters sold 120,000 tonnes of soybeans to unknown destinations for 2016-17 delivery.

The agency also reported export inspections of U.S. soybeans in the latest week at 961,414 tonnes, above a range of trade expectations of 650,000 to 850,000 tonnes.

The European Union’s crop monitoring service significantly cut its forecast on Monday for average maize and soft wheat yields in this year’s EU harvest after adverse weather.

However, Russia is seen more than offseting the weather-related crop shortfalls in Europe.

Commodity funds were net sellers of CBOT corn and wheat futures on Monday and net buyers in soybeans and soymeal, traders said.

Trader estimates of net fund selling in corn ranged from 3,000 to 6,000 contracts, and in wheat from 3,000 to 8,000 contracts. For soybeans, trader estimates of net fund buying ranged from 3,000 to 7,000 contracts.