GRAINS-CBOT soy consolidates after rally, corn, wheat weaken
* Soy stabilises after rally, USDA cuts supply forecast
* Corn falls for 2nd day on outlook for record U.S. crop
* Small global wheat surplus expected in 2013/14
(Adds quotes, updates prices, previous Singapore)
LONDON, Sept 13 (Reuters) - Soybeans on the Chicago Board of Trade were little changed on Friday as the market consolidated after the prior session's sharp gains which were driven by a tighter supply outlook issued by the U.S. Department of Agriculture.
CBOT corn was lower with the market weighed by a surprise upward revision to the U.S. crop outlook while wheat prices also weakened with record global production forecast.
November soybeans on the CBOT were unchanged at $13.96 a bushel at 1108 GMT after peaking at $14.00, the highest level for the contract since early last week.
USDA made a larger-than-expected cut to U.S. soybean ending stocks, putting them at 150 million bushels, down from its August estimate of 220 million.
Traders on average expected 165 million.
"While this is above the 2012/13 result of 125 million bushels, the projected 2013/14 inventory result is historically very tight," said Luke Mathews, commodities strategist at the Commonwealth Bank of Australia.
Analysts said, however, that the longer-term outlook was less constructive.
Investment bank Goldman Sachs on Thursday raised its three-month price forecast for CBOT soybean futures to $12.50 per bushel, from $10.50 previously, following the bullish USDA report.
In a research report, the bank said that large plantings in South America would ultimately weigh on soybean prices.
CORN CROP OUTLOOK RAISED
CBOT corn futures were marginally lower with December off 0.2 percent at $4.65-1/4 a bushel as the USDA surprised the market by upgrading its estimate of the U.S. crop despite hot and dry weather.
With harvests starting, the USDA raised its corn production estimate 0.6 percent to a record 13.843 billion bushels, topping analyst estimates by nearly 2 percent.
"The upgrade to U.S. corn suggests that the cut back in August was just a little bit too aggressive," Mathews said, referring to the USDA's estimate last month.
"The market was expecting a further downgrade in corn estimates based on what has been relatively tough growing conditions in the last month and a half."
CBOT wheat futures were slightly lower, with a stronger dollar adding to downward pressure, while Paris milling wheat was little changed.
USDA raised its forecast for global wheat production by 3.5 million tonnes to a record 708.9 million tonnes, pushing up ending stocks as well. Projected U.S. wheat ending stocks were up 10 million bushels on the month.
"The month-on-month upward revision by 3.5 million tons is attributable to better than expected crop estimates for Canada and the EU. Consequently, the global wheat market is likely to show a small 2.4 million ton surplus in 2013/14," Commerzbank said in a market note.
CBOT December wheat fell 0.8 percent to $6.47-3/4 a bushel while November milling wheat in Paris was unchanged at 186.75 euros a tonne.
(Additional reporting by Naveen Thukral; Editing by William Hardy)