GRAINS-Soybeans drop to one-week low, corn falls on US crop outlook

SINGAPORE, Nov 17 (Reuters) - Chicago soybeans touched a more than one-week low on Monday, while corn fell for a second session as a forecast of bumper U.S. production and a slower pace of Chinese buying added pressure on prices.

Wheat fell in early Asian trade.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.2% to $11.22 a bushel, as of 0131 GMT, having hit it lowest since Nov. 7 earlier in the session.

Corn Cv1 slipped 0.2% to $4.29-1/4 a bushel and wheat Wv1 gave up 0.2% to $5.40-1/2 a bushel.

U.S. farmers are expected to reap a record-large corn crop this year, though the U.S. Department of Agriculture (USDA) slightly lowered its forecast for U.S. corn and soybeans on Friday, in the first official estimates of the nation's two most valuable crops since mid-September, before the harvest had taken shape.

The USDA lowered its production estimate for country's corn crop to 16.752 billion bushels, from 16.814 billion a month earlier.

For soybeans, the it projected at 4.253 billion bushels, down from 4.301 billion bushels.

The agency also sent out a six-week summary of daily U.S. agricultural sales, offering some clarity on China's recent U.S. soybean buying.

The USDA data showed exporters sold 100,000 metric tons of soybeans to China for 2025/2026 delivery on October 30. They sold 232,000 metric tons of soybeans to China for 2025/2026 on November 3.

Reuters has previously reported that China has begun modest purchases of U.S. farm goods, but Beijing has not confirmed the White House's announcement of 12 million metric tons of soybean purchases by year-end.

However, President Donald Trump said that China would buy U.S. soybeans and other farm products and that Washington and Beijing had talks on the subject on Friday.

MARKET NEWS

MSCI's global equities gauge lost ground on Friday and Wall Street had a muted end to the week while U.S. Treasury yields climbed after hawkish Federal Reserve officials trounced on hopes for a December interest rate cut. MKTS/GLOB

DATA/EVENTS (GMT)

No major data events expected on Monday