SINGAPORE, Sept 14 Chicago soybeans were little
changed on Wednesday with prices trading near near two weeks
lows struck in the last session as estimates of all-time high
U.S. production held the market down.
Wheat slid for a second session while corn was nearly
* Record demand for soybeans has been outweighed by
expected sharp gains in supply, making it likely that U.S.
farmers and commercial operators will be left with mounting
stocks despite rising exports and crushing.
* The U.S. Department of Agriculture raised its outlook for
U.S. soybean production on Monday to a record 114.3 million
tonnes from 110.5 million tonnes estimated in August, with the
average U.S. yield seen at an all-time high of 50.6 bushels per
acre (bpa) following ideal growing weather during the key
development month of August.
* The USDA trimmed its corn harvest outlook slightly from
the previous month, but the crop is still expected to be the
largest on record.
* Acreage data released by the USDA's Farm Services Agency
(FSA) late on Monday suggested the corn and soybean harvested
area may be even larger than the agency reported on Monday.
* Based on the FSA data, the USDA may increase its corn
acreage forecast by at least 200,000 acres in next month's crop
report and soybean area by at least 100,000 acres, analysts
* In news, Argentina's government is mulling postponing a
tax cut planned for next year on soy exports, cabinet chief
Marcos Pena said on Tuesday, as a recession in Latin America's
third largest economy eats into fiscal revenue.
* Commodity funds were net sellers of Chicago Board of Trade
soybean, corn and wheat futures contracts on Tuesday, traders
* Asian shares wallowed near six-week lows on Wednesday,
bruised by a fall in oil prices on renewed worries about a
supply glut and as investors grew nervous about the diminishing
capacity of the world's major central banks to shore up economic
DATA/EVENT AHEAD (GMT)
0900 Euro zone Industrial production Jul
1230 U.S. Import prices Aug
1230 U.S. Export prices Aug
(Reporting by Naveen Thukral; Editing by Simon cameron-Moore)