CBOT wheat hits life-of-contract lows after bearish USDA report

May 12 (Reuters) - Chicago Board of Trade wheat futures slid to lifetime lows on Monday on good U.S. harvest prospects and bigger-than-expected world and U.S. wheat ending stocks, analysts said.

• The U.S. and China agreed on Monday to temporarily slash their steep tariffs on each other, sending global stocks surging as the world's top two economies tapped the brakes on a trade war that had fed fears of a global recession.

• The U.S. Department of Agriculture in its monthly supply and demand report pegged U.S. 2025-26 wheat ending stocks at 923,000,000 bushels, above analyst estimates.

• The agency estimated world 2025-26 wheat ending stocks at 265.21 billion bushels, also above the average analyst estimate.

• Rains in the U.S. Plains over the last week have benefited the winter wheat crop's development, analysts said.

• Ahead of the USDA's crop progress report, analysts expect wheat ratings to stay the same, with 51% of the winter wheat crop predicted to be in good to excellent condition, unchanged from a week ago. Estimates ranged from 42% to 54% good-to-excellent.

• CBOT July soft red winter wheat WN25 fell 6-1/2 cents to $5.15-1/4 per bushel.

• K.C. July hard red winter wheat KWN25 ended 9-1/2 cents lower at $5.08 per bushel.

• Minneapolis July spring wheat MWEN25 ended 9-1/2 cents lower at $5.84 a bushel.