SINGAPORE, Sept 14 (Reuters) - Chicago soybeans were little changed on Wednesday with prices trading near near two weeks lows struck in the last session as estimates of all-time high U.S. production held the market down.
Wheat slid for a second session while corn was nearly unchanged.
* Record demand for soybeans has been outweighed by expected sharp gains in supply, making it likely that U.S. farmers and commercial operators will be left with mounting stocks despite rising exports and crushing.
* The U.S. Department of Agriculture raised its outlook for U.S. soybean production on Monday to a record 114.3 million tonnes from 110.5 million tonnes estimated in August, with the average U.S. yield seen at an all-time high of 50.6 bushels per acre (bpa) following ideal growing weather during the key development month of August.
* The USDA trimmed its corn harvest outlook slightly from the previous month, but the crop is still expected to be the largest on record.
* Acreage data released by the USDA’s Farm Services Agency (FSA) late on Monday suggested the corn and soybean harvested area may be even larger than the agency reported on Monday.
* Based on the FSA data, the USDA may increase its corn acreage forecast by at least 200,000 acres in next month’s crop report and soybean area by at least 100,000 acres, analysts said.
* In news, Argentina’s government is mulling postponing a tax cut planned for next year on soy exports, cabinet chief Marcos Pena said on Tuesday, as a recession in Latin America’s third largest economy eats into fiscal revenue.
* Commodity funds were net sellers of Chicago Board of Trade soybean, corn and wheat futures contracts on Tuesday, traders said.
* Asian shares wallowed near six-week lows on Wednesday, bruised by a fall in oil prices on renewed worries about a supply glut and as investors grew nervous about the diminishing capacity of the world’s major central banks to shore up economic growth.
DATA/EVENT AHEAD (GMT) 0900 Euro zone Industrial production Jul 1230 U.S. Import prices Aug 1230 U.S. Export prices Aug (Reporting by Naveen Thukral; Editing by Simon cameron-Moore)