Soybeans, corn rally after USDA pegs US harvest, stocks below expectations

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GLOBAL-GRAINS/ (UPDATE 2):GRAINS-Soybeans, corn rally after USDA pegs US harvest, stocks below expectations

* USDA projects US corn, soy harvests and end-of-season stocks below trade expectations

* Wheat follows corn and soy higher, but gains tempered by higher global supply outlook

CHICAGO, - US soybeans surged on Tuesday after the US Department of Agriculture raised its US harvest outlook by less than expected in a monthly report and projected tighter supplies in the year ahead.

Corn futures also rallied as the USDA cut its US production and stocks forecasts by more than expected. Wheat futures followed corn and soybeans higher, though gains were limited by expectations for larger global supplies due to big crops in the southern hemisphere.

Corn and soybean markets rebounded sharply after a prolonged slide since late September dragged prices to multi-month lows. The USDA surprised traders last month by raising its US corn harvest outlook despite adverse weather in parts of the Midwest this summer while also forecasting a record-large soybean crop.

The USDA's US soy production forecast on Tuesday was 23 million bushels below the average analyst estimate in a Reuters poll. With increases in its domestic and export demand forecasts, the agency's end-of-season supply estimate fell by 15 million bushels, while analysts had expected an increase of 16 million bushels.

"They were able to increase demand more than the increase in production ... And they didn't increase South American production for soybeans. Those two things together are what's giving you the spark in soybeans," said Ted Seifried, chief market strategist at Zaner Ag Hedge.

The USDA lowered its US corn harvest and end-of-season stocks forecasts by more than expected, although its outlook for South America's harvest increased.

Chicago Board of Trade January soybean futures were 39-1/2 cents higher at $12.27-3/4 a bushel at 12:25 p.m. CST , the market's strongest gain in four months. December corn rebounded from a four-month low on Monday to $4.50-1/2 a bushel, up 11-1/4 cents.

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