GRAINS-Soybeans tumble after USDA raises global stocks view
* Soybeans fall 1 pct after USDA report, corn sheds gains
* Wheat pares earlier gains on profit taking
* USDA cuts US wheat stocks, raises world soy supply
(Updates with USDA report data, adds comments, updates prices) CHICAGO, Feb 8 (Reuters) - U.S. soybean futures tumbled on Friday after the U.S. Department of Agriculture raised its forecast for global supplies at the end of the September-to-August marketing year above trade expectations, as a cut to Argentina's crop was offset by a rise in Brazil's. Corn pared earlier gains on spillover pressure from sinking soybeans and as the government raised its U.S. and global ending stocks outlook by more than expected as high prices blunted demand for the grain. Wheat also retreated from earlier highs, despite a surprise drop in the U.S. ending stocks forecast, following soybeans and corn. "This U.S. soybean stock number is not that big of a surprise ... Global stocks coming in at a little over 60 (million tonnes), that's actually a little bit bearish, and the market's reacting to that," said Sterling Smith, futures specialist with Citigroup. USDA trimmed its U.S. soybean end-of-season stocks outlook to 125 million bushels, from 135 million a month ago, but raised its global ending stocks view 1.1 percent to 60.12 million tonnes after a million-tonne drop in Argentina's crop was offset "That leaves the soybean market feeling a bit bearish," Smith said. An unexpected cut to projected U.S. wheat carryout was viewed as the bullish surprise in the report, but wheat futures struggled to hold on to earlier gains. Chicago Board of Trade March soybeans fell 11-3/4 cents, or 0.8 percent, to $14.75 per bushel by 11:40 a.m. CST (1740 GMT). CBOT March corn added 1-1/4 cents to $7.12 a bushel after falling for five straight sessions. CBOT March wheat was unchanged at $7.56 a bushel after earlier trading as high as $7.70-3/4. "That was a bullish kick in the pants by lowering carryout instead of increasing it for wheat. Traders were looking for a little build (in inventories) and instead the USDA added some feed demand," said Jim Gerlach, president of A/C Trading.
Prices at 11:46 a.m. CST (1746 GMT)
LAST NET PCT YTD CHG CHG CHG CBOT corn 711.25 0.50 0.1% 1.9% CBOT soy 1472.75 -14.00 -0.9% 3.8% CBOT meal 431.60 -6.10 -1.4% 2.6% CBOT soyoil 51.58 -0.27 -0.5% 4.9% CBOT wheat 756.25 0.25 0.0% -2.8% CBOT rice 1619.50 7.50 0.5% 9.0% EU wheat 245.50 0.50 0.2% -1.9%US crude 95.41 -0.42 -0.4% 3.9% Dow Jones 13,992 48 0.3% 6.8% Gold 1666.36 -4.33 -0.3% -0.5% Euro/dollar 1.3355 -0.0041 -0.3% 1.2% Dollar Index 80.2470 0.0550 0.1% 0.6% Baltic Freight 748 -1 -0.1% 7.0%
(Additional reporting by Natalie Huet in London, Colin Packham in Sydney; editing by William Hardy, Jim Marshall and Matthew Lewis)