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GRAINS-Soybeans ease from 2-week high, wheat up on supply concerns

* Soybeans fall after rally, lower supply outlook curbs losses * Wheat recovers losses as USDA lowers production forecast (Updates prices, adds quote) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, Oct 13 (Reuters) - Chicago soybeans slid on Thursday from the previous session's two-week high, although the decline was limited by a U.S. Department of Agriculture (USDA) forecast of lower harvest. Wheat gained for the first time in three sessions on concerns over tightening U.S. inventories, while corn was little changed. "The report news came as a bullish surprise," according to a Hightower report, referring to the USDA's forecast on soybeans. "Traders expected a drop in demand for U.S. soybeans, but this was totally offset by a surprise drop in production." The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.4% to $13.90-1/2 a bushel, as of 1034 GMT, after hitting its highest since Sept. 30 at $14.14 a bushel on Wednesday. Wheat climbed 0.6% to $8.87-1/4 a bushel and corn fell 0.1% at $6.92 a bushel. In its monthly supply-and-demand report, the USDA said on Wednesday the country's corn and soybean crops would be smaller than previously forecast, raising concerns about tight global inventories. Analysts, on average, had expected a corn production cut but a rise in the soybean crop. "The only real surprise in the USDA report was the soybean yield estimate posted at 49.8 bushel/acre versus the more than 50.5 expected. However, this is partly offset by a potentially record Brazilian production next spring at 152 Mt," French consultancy Agritel said in a note. The government also cut its outlook for the domestic stockpile of wheat to the lowest in 15 years. It said ending stocks of wheat for the 2022/23 marketing year would total 576 million bushels, down 13.9% from a year earlier and the smallest since 306 million bushels in 2007/08. The market is monitoring grain shipments from the Black Sea region after an escalation in Russian missile strikes on Ukraine. Commodity funds were net buyers of CBOT soybean and soymeal futures on Wednesday and net sellers of corn and wheat, traders said. They were net even in soyoil futures. Prices at 1034 GMT Last Change Pct Move CBOT wheat 887,25 5,00 0,57 CBOT corn 692,00 -1,00 -0,14 CBOT soy 1390,50 -5,50 -0,39 Paris wheat 352,25 -1,00 -0,28 Paris maize 339,50 -0,75 -0,22 Paris rapeseed 630,50 -2,50 -0,39 WTI crude oil 87,40 0,13 0,15 Euro/dlr 0,9727 0,00 0,24 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Maju Samuel)

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