GRAINS-Corn firms, outlook for record US harvest caps gains

SINGAPORE, Aug 27 (Reuters) - Chicago corn slightly recovered on Wednesday from losses in the previous session, although gains were curbed by expectations of a record U.S. harvest, which is prompting farmers to sell stored crops.

Wheat and soybeans firmed.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 added 0.1% to $4.09-3/4 a bushel, as of 0016 GMT, wheat Wv1 rose 0.1% to $5.32-1/4 a bushel and soybeans Sv1 gained 0.3% to $10.52-3/4 a bushel.

* U.S. farmers are on track to harvest the nation's biggest corn crop in history this autumn and a bumper soybean crop.

* The U.S. Department of Agriculture raised its good-to-excellent rating for soybeans and kept its corn crop rating steady in a weekly report on Monday, surprising analysts who had expected slight declines.

* The agency rated 71% of the corn crop as being in good or excellent shape as of August 24, unchanged from a week earlier. It increased the soybean crop rating to 69% good-to-excellent, up from 68% the previous week.

* Corn prices have been weighed down by selling pressure as farmers clear their old-crop corn to make room for a hefty new harvest.

* The focus in the soybean market is turning to likely U.S.-China talks this week as China continues to stay away from the market amid Washington-Beijing trade tensions.

* Senior Chinese trade negotiator Li Chenggang is expected to travel to Washington this week to meet U.S. officials, a United States government spokesperson said, with the two superpowers looking to chart a path beyond their current tariff truce.

* Russia's IKAR consultancy has raised its 2025 wheat crop forecast to 86.0 million metric tons, up from 85.5 million tons previously, and lifted its wheat export outlook to 43.0 million tons, up from 42.5 million tons. Russia is the world's largest wheat exporter.

MARKET NEWS

* U.S. Treasury yields and the dollar eased on Tuesday as President Donald Trump's move to fire a Federal Reserve governor raised concerns about the central bank's independence, while Wall Street stocks ended higher ahead of results from Nvidia on Wednesday. MKTS/GLOB

DATA/EVENTS (GMT)

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