* MGEX spring wheat futures down nearly 3 pct on USDA data USDA ups U.S. spring wheat crop, bucking expectations
* Corn, soy climb on smaller-than-expected quarterly stocks
(Recasts throughout; updates prices, adds quotes; changes byline, dateline; previous PARIS/SINGAPORE) CHICAGO, Sept 29 (Reuters) - U.S. wheat futures fell on Friday, with Minneapolis Grain Exchange (MGEX) spring wheat tumbling nearly 3 percent after the U.S. Department of Agriculture surprised traders by raising its estimate of the U.S. spring wheat crop, despite a summer drought. Soybean and corn futures rose more than 1 percent each on bullish quarterly stocks data from the USDA. As of 12:40 p.m. CDT (1740 GMT), Chicago Board of Trade December wheat was down 5 cents at $4.50 a bushel while MGEX December spring wheat was down 18 cents at $6.27 a bushel after hitting $6.20-1/4, its lowest level in more than a week. CBOT December corn was up 4-1/2 cents at $3.57 a bushel and November soybeans were up 14-1/2 cents at $9.74 a bushel. MGEX wheat fell the hardest after the USDA reported U.S. 2017 production of spring wheat other than durum at 416 million bushels, up from its previous estimate of 402 million bushels and well above an average of analyst estimates for 382 million bushels. The government put the U.S. all-wheat crop at 1.741 billion bushels, above the average trade estimate of 1.718 billion bushels. "The thing that jumps out right away is the spring wheat number being much larger than expected, and even larger than their previous number," said Brian Hoops, analyst at Midwest Marketing Solutions. "I know the trade has been hearing about a lot of abandonment of wheat acres, and there will be a lot of debate about why we haven't seen it so far," Hoops said. CBOT corn and soybeans rallied after the USDA's quarterly stocks figures for both crops came in below trade expectations. The USDA reported Sept. 1 corn stocks at 2.295 billion bushels, the most since 1988. However, the figure fell below even the lowest in a range of trade estimates for 2.310 billion to 2.450 billion bushels. Similarly, the USDA reported Sept. 1 soybean stocks at 301 million bushels, below a range of analyst expectations but up 53 percent from a year ago. "It's a little friendly for the beans, having it go down to 301 million bushels. There was some fear that production was underestimated last year and that would show up in this report. Obviously, that didn't happen," said Jack Scoville, analyst at the Price Futures Group. CBOT December corn was up about 1.2 percent, its biggest one-day advance since Aug. 31. November soybeans gained about 1.5 percent, the largest jump since Sept. 14.
CBOT prices as of 12:40 p.m. CDT (1740 GMT):
Last Net Pct Volume
CBOT wheat WZ7 449.75 -5.25 -1.2 72072 CBOT corn CZ7 356.75 4.25 1.2 173499 CBOT soybeans SX7 974.00 14.50 1.5 131206 CBOT soymeal SMZ7 316.50 5.00 1.6 55279 CBOT soyoil BOZ7 32.97 0.15 0.5 57797
NOTE: CBOT December wheat, December corn and November soybeans shown in cents per bushel, December soymeal in dollars per short ton and December soyoil in cents per lb.
(Additional reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by Mark Potter and Paul Simao)