* U.S. 2014/15 soybean ending stocks seen 430 mln bushels
* U.S. corn output pegged 14.03 bln bushels, below expectations
* 2014/15 world wheat ending stocks seen 193 mln T (New throughout, updates prices and market activity after USDA report)
By Rod Nickel
Aug 12 (Reuters) – Soybean futures slid further on Tuesday after the U.S. Department of Agriculture projected that domestic supplies of the oilseed would be bigger than expected at the end of the next marketing year.
Chicago corn futures pared losses, while wheat futures were lower and little changed after the report.
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The USDA estimated U.S. 2014/15 soybean ending stocks at 430 million bushels, surpassing trade expectations for 414 million.
Aspects of the report keep soybean prices on the defensive, said Mike Zuzolo, president of Global Commodity Analytics, in a report.
“But I would suggest not for long. Maybe by the end of this week, the trade will feel as though they have supplies factored in.”
Chicago Board of Trade November soybean futures slipped 18-1/4 cents or 1.7 percent to $10.55 a bushel at 11:38 a.m. CDT (1638 GMT).
Analysts said soybeans were also under pressure from rainfall in growing regions this week. The favorable weather followed the USDA’s report on Monday of 70 percent good-to-excellent ratings for soybeans as of Aug. 10, down 1 percentage point from a week earlier.
The USDA projected U.S. soybean production of 3.82 billion bushels, close to trade expectations.
December corn futures fell to a contract low but then pared losses and were down 5-1/4 cents, or 1.4 percent, at $3.63 a bushel.
USDA forecast U.S. corn production of 14.03 billion bushels, which would be record large, but slightly below trade expectations.
“The corn report was not catastrophically bearish so that was a victory for at least the bull,” said Jerrod Kitt, analyst at The Linn Group.
Chicago Board of Trade September wheat futures were down for a fourth straight session, losing 10 cents, or 1.8 percent, at $5.36-1/2 a bushel.
USDA nudged its 2014/15 world wheat endings stocks forecast to almost 193 million tonnes, above expectations.
While concerns about tensions between major wheat exporters Russia and Ukraine rallied the market last week, U.S. supplies are now under pressure from aggressive export competition.
Consultancy UkrAgroConsult revised its outlook for Ukraine’s grain exports in the 2014/15 season 2.5 percent higher to 32.5 million tonnes on Tuesday.
Prices at 11:38 a.m. CDT (1638 GMT) LAST NET PCT YTD CHG CHG CHG CBOT corn 353.00 -3.75 -1.1% -16.4% CBOT soy 1284.50 -30.25 -2.3% -2.1% CBOT meal 399.40 -1.00 -0.3% -8.8% CBOT soyoil 34.48 -0.40 -1.2% -11.2% CBOT wheat 536.50 -10.00 -1.8% -11.4% CBOT rice 1262.00 -0.50 0.0% -18.6% EU wheat 171.50 -0.75 -0.4% -17.9% US crude 97.35 -0.73 -0.7% -1.1% Dow Jones 16,556 -14 -0.1% -0.1% Gold 1313.91 6.07 0.5% 9.0% Euro/dollar 1.3359 -0.0027 -0.2% -2.1% Dollar Index 81.5640 0.0980 0.1% 1.9% Baltic Freight 836 44 5.6% -63.3% (Reporting by Rod Nickel in Winnipeg, Julie Ingwersen and Mark Weinraub in Chicago and Ros Krasny in Washington, editing by David Evans, Peter Galloway and David Gregorio)
