GRAINS-Corn edges up after selloff, but record U.S. output hopes weigh
SINGAPORE, Aug 14 (Reuters) - Chicago corn rose 0.7 percent on Wednesday, recouping some of the previous session's deep losses, but the market remains under pressure on expectations of record-large U.S. production and ample supplies next year. New-crop soybeans edged lower after climbing to the highest in more than two weeks on Tuesday on concerns over supplies, while wheat slid to its lowest since June last year.
* MDA Weather Services, a U.S. weather forecasting firm, said it found strong corn yield potential during a crop tour of six corn belt states last week.
* Scouts on the MDA tour stopped at 53 fields across Indiana, Illinois, Iowa, Minnesota, South Dakota and Nebraska, and projected an average tour yield of 198.9 bushels per acre (bpa).
* The USDA on Monday cut its forecast for corn yields to 154.4 bushels per acre from its July estimate of 156.5 bushels, but numerous analysts said the yield would likely be raised when the forecast is updated next month.
* The immaturity of this season's corn crop meant that the USDA was unable to weigh many of the ears they were counting so they used a derived weight.
* The USDA estimated the U.S. soybean yield at 42.6 bushels per acre, down from 44.5 bushels, but analysts stressed that weather over the coming weeks could shift that figure considerably in either direction.
* Warmer weather forecast for the Midwest next week should help accelerate crop development. Spotty rains were a concern, but an updated forecast suggested that western Iowa, one of the driest areas of the corn belt this summer, may receive beneficial rains in the coming days.
* Commodity funds sold a net 12,000 corn contracts and 3,000 wheat contracts, but were net even in soybeans, trade sources estimated.
* The dollar was broadly firmer in Asia on Wednesday after racking up a third session of gains as upbeat U.S. retail data sent Treasury yields sharply higher and fuelled talk the Federal Reserve will start tapering next month.
* Oil prices on both sides of the Atlantic rose for a third straight session on Tuesday because of worries over supplies from OPEC nations Libya and Iraq.
* U.S. stocks rose on Tuesday after strong economic data including retail sales, while Apple boosted the Nasdaq after billionaire investor Carl Icahn revealed a long position in the stock.
DATA/EVENTS (GMT) 0130 - Australia consumer sentiment for August 0530 - France GDP Preliminary Reading For Second Quarter 0600 - Germany GDP Flash Reading For Second Quarter 0645 - France CPI Final Reading For July 0645 - France Non-Farm Payrolls For Second Quarter 0900 - Euro Zone GDP Flash Estimate For Second Quarter 1100 - U.S. Weekly Mortgage Market Index
Prices at 0032 GMT
Contract Last Change Pct chg MA 30 RSI CBOT wheat 639.50 -2.00 -0.31% 865.73 27 CBOT corn 450.50 3.25 +0.73% 756.93 25 CBOT soy 1226.75 -1.00 -0.08% 1571.43 47 CBOT rice $15.14 $0.07 +0.50% $15.47 23 WTI crude $106.50 -$0.33 -0.31% $89.53 57
Euro/dlr $1.326 $0.097 USD/AUD 0.909 -0.146
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Richard Pullin)