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GRAINS-Soybeans rise as U.S. cuts crop forecast; wheat stable

* Soybeans up after USDA cuts U.S. crop yield estimate

* Corn weakened by large U.S. crop forecast

* Wheat underpinned by good U.S. export outlook

(Updates with European trade, adds comment, changes dateline) HAMBURG, Oct 13 (Reuters) - Chicago soybean futures rose on Friday, a day after the U.S. Department of Agriculture (USDA) unexpectedly cut its forecast of the U.S. soy crop. Corn was weakened by the USDA's expectation of a larger U.S. crop, while wheat was underpinned by improving export prospects for U.S. supplies. Chicago Board of Trade most-active November soybeans were up 0.2 percent at $9.94-3/4 at 1011 GMT after jumping 2.8 percent on Thursday. Soybeans hit a 2-1/2 month high on Thursday after the USDA's pessimistic view of U.S. soybean crops surprised traders who had expected estimates of a larger harvest.

December corn fell 0.07 percent to $3.48-3/4 a bushel while December wheat was unchanged at $4.30-3/4 a bushel. "Soybeans remain in positive territory after the USDA cut its forecast of U.S. harvest yields," said Matt Ammermann, commodity risk manager at INTL FCStone. "The USDA report put out a bullish yield number for the U.S. crop of 49.5 bushels an acre, down from last month's forecast of 49.9 bushels." "More importantly I think this report fully removes the fears that U.S. soybean crop yields could exceed 51 bushels an acre, concern which had made some traders cautious prior to the report. Fears are now that U.S. soybean crop yields could also be reduced in the USDA's November report as well." Concern about weather in Brazil is also keeping support under the soybean market. "Brazil's dry soybean regions, Mato Grosso in particular, look unlikely to get enough rain to broadly raise soil moisture for another week or so," said Tobin Gorey of the Commonwealth Bank of Australia. The USDA raised its U.S. corn yield forecast to 171.8 bushels an acre, above the highest in a range of trade estimates. Expectations of large carryout supplies and expectations of another rise in U.S. yield estimates in the USDA's November report also undermined corn. "Wheat is slightly positive, partly on hopes for more U.S. exports," Ammermann said. "There are hopes of more U.S. exports with talk on the cash market that U.S. wheat prices are priced competitively now." "Global wheat markets still remain plentifully supplied but some short covering can get us to move higher." The weak trend in the dollar this week is making U.S. wheat look cheaper to global importers.

Grains prices at 1011 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.75 0.25 +0.06% +5.00% 411.24 30 CBOT corn 348.75 -0.25 -0.07% -0.29% 348.75 45 CBOT soy 994.75 2.75 +0.28% -2.50% 995.87 75 CBOT rice $12.23 -$0.02 -0.16% +24.67% $10.09 65 WTI crude $51.48 $0.88 +1.74% +8.40% $47.52 58

Currencies

Euro/dlr $1.183

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight

RSI 14, exponential

(Reporting by Michael Hogan, additional reporting by Naveen Thukral, editing by David Evans)