Oil Report

CORRECTED-USDA cuts U.S. corn harvest forecast

(Corrects to show soybean harvest view was unchanged.)

CHICAGO, Nov 8 (Reuters) - The U.S. Agriculture Department lowered its outlook for corn harvest on Friday as cold and wet conditions late in the growing season cut into yields.

The government forecast U.S. corn production of 13.661 billion bushels, based on an average yield of 167.0 bushels per acre, in its monthly World Agricultural Supply and Demand Estimates report.

Soybean harvest was pegged at 3.550 billion bushels, unchanged from the October outlook, with yields seen at 46.9 bushels per acre.

Analysts had been expecting U.S. corn production to fall to 13.643 billion bushels, based on an average yield of 167.5 bushels per acre, and soybean production to fall to 3.510 billion bushels, based on an average yield of 46.6 bushels per acre, according to the average of estimates in a Reuters poll.

Corn futures turned higher after the report was released and soybean futures at the Chicago Board of Trade remained in negative territory. (Reporting by Mark Weinraub Editing by Chris Reese)