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GRAINS-Wheat drops as USDA raises global supply view; corn, soybeans firm


Global wheat supply outlook higher in monthly USDA report


USDA lifts U.S. corn, soy yield view; stocks still tight

(Rewrites throughout, adds quote, updates prices, changes byline, changes dateline from SINGAPORE/PARIS)

By Karl Plume

CHICAGO, Nov 9 (Reuters) - U.S. wheat futures fell on Wednesday after the U.S. Agriculture Department (USDA) unexpectedly raised its global supply outlook in a monthly report, citing larger crops in Australia, the UK and Kazakhstan that offset lower Argentine and EU production.

A firmer U.S. dollar also weighed on wheat, along with optimism about the continued unfettered flow of grain from

Ukraine's Black Sea ports

under a wartime shipping deal.

Corn and soybean futures rebounded from earlier losses as traders weighed the USDA's higher demand outlook for both crops against its slightly larger U.S. harvest forecasts.

Analysts polled by Reuters, on average, had expected yields to hold steady with the prior forecast.

Benchmark Chicago Board of Trade December wheat was down 19 cents at $8.08-3/4 a bushel at 12:38 p.m. CST (1838 GMT), its lowest since Sept. 6.

CBOT December corn was down 1 cent at $6.66-1/2 a bushel after bottoming at $6.58, the contract's lowest since Sept. 2. January soybeans were up 4 cents at $14.50-1/2 a bushel.

The USDA made only modest adjustments to global grain and oilseed supplies despite expectations for larger revisions following a U.S. drought this summer and worrisome weather in some South American crop areas, analysts said.

"The surprise would be the (U.S.) bean yield increasing, but it was infinitesimal. World numbers did not bring the Argentine wheat production down enough, and raised Australia and Kazakhstan," said Charlie Sernatinger, analyst with ED&F Man Capital.

Concerns about

Mexican demand for U.S. corn

after government statements against biotech crops and Chinese demand for U.S. soybeans amid Beijing's COVID restrictions continue to hang over the market. Uncompetitively priced U.S. exports also weighed on the wheat market. (Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris Editing by Sherry Jacob-Phillips, David Goodman and Cynthia Osterman)

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