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GRAINS-Corn, soy fall on private US crop estimates, firm dollar

* Grains under pressure as dollar rises on U.S. jobs data

* Soy, corn lower after INTL FCStone ups US crop estimates

* Wheat sags on firm dollar but global crop concerns eyed

(New throughout; recasts with U.S. trading; changes dateline from previous SYDNEY/PARIS, changes byline) CHICAGO, Nov 2 (Reuters) - Chicago Board of Trade corn and soybeans fell on Friday on ideas the U.S. harvests of both crops might be larger than previously thought, and after a U.S. jobs report reduced traders' appetite for risk in commodity markets. Wheat also declined after data showed the U.S. economy created more jobs than expected last month, a factor that lifted the U.S. dollar. However, the unemployment rate ticked higher to 7.9 percent, in line with market expectations. Analysts said the figures indicated the U.S. economy was improving, which could limit further monetary stimulus measures ``The Federal Reserve is not going to be able to move any more money into the financial markets, and the quantitative easing is maybe going to be aborted at this point because the economy is improving, based on these numbers,'' said Mike Zuzolo, president of Global Commodity Analytics in Lafayette, Indiana. ``So you're seeing a lot of profit-taking and liquidation in the gold, the crude oil, the bond markets, and that is why the dollar is rallying as well. That is spilling over into the ags,'' Zuzolo said. At the CBOT as of 9:45 a.m. CDT (1445 GMT), December corn was down 11-1/4 cents, or 1.5 percent, at $7.39-3/4 per bushel, dropping below its 100-day moving average at $7.45-1/2. The contract has not settled below the average since June. Most-active January soybeans were down 23 cents, or 1.5 percent, at $15.37 a bushel, while December wheat was down 7-3/4 cents, or 0.9 percent, at $8.60-3/4 a bushel.

U.S. CORN, SOY HARVESTS SEEN LARGER Soybeans and corn initially came under pressure after commodity brokerage INTL FCStone late on Thursday raised its estimate of U.S. 2012 soybean production to 2.959 billion bushels, from 2.849 billion last month. The firm estimated the U.S. soybean yield at 39.1 bushels per acre, up from 38.2 previously and above the U.S. Department of Agriculture's current estimate of 37.8. The brokerage pegged the U.S. corn harvest at 10.881 billion bushels, up slightly from its previous estimate of 10.824 billion, and raised its estimate of the corn yield to 124.0 bushels per acre from 123.9 last month. The USDA has pegged the corn crop at 10.706 billion bushels with a yield of 122.0 bushels per acre. The government is scheduled to release updated crop estimates on Nov. 9. ``The market is back in this mindset that we are going to build supply next Friday, when USDA comes out,'' Zuzolo said. Traders were awaiting updated U.S. crop estimates from private analytics firm Informa Economics later on Friday. For the week, CBOT soybeans were on track to fall 1.7 percent, corn was nearly flat and wheat was poised for a slight decline of 0.3 percent.

WHEAT Wheat fell after a two-day advance as the dollar rose, making U.S. wheat less competitive on the world market. The market was underpinned by concerns that global wheat stocks are tightening, with cuts to Russian supply while U.S. and Australian wheat conditions have suffered. The USDA attache in Buenos Aires forecast Argentina's 2012/13 wheat production at 10.8 million tonnes, below the USDA's last official forecast of 11.5 million, as a result of excessive spring rains. (Full attache report: http://r.reuters.com/qaj73t)

Prices at 9:47 a.m. CDT (1447 GMT)

LAST NET PCT YTD CHG CHG CHG CBOT corn 739.50 -11.75 -1.5% 14.4% CBOT soy 1535.75 -22.75 -1.5% 28.1% CBOT meal 477.60 -6.70 -1.4% 54.4% CBOT soyoil 49.67 -0.76 -1.5% -4.6% CBOT wheat 861.00 -7.50 -0.9% 31.9% CBOT rice 1471.00 -5.50 -0.4% 0.7% EU wheat 268.50 0.75 0.3% 32.6%

US crude 85.44 -1.65 -1.9% -13.5% Dow Jones 13,184 -49 -0.4% 7.9% Gold 1685.10 -28.99 -1.7% 7.8% Euro/dollar 1.2837 -0.0105 -0.8% -0.8% Dollar Index 80.5500 0.5030 0.6% 0.5% Baltic Freight 986 -14 -1.4% -43.3%

(Additional reporting by Colin Packham in Sydney and Sybille de La Hamaide in Paris; Editing by Clarence Fernandez, Jane Baird and Dale Hudson)