(Reuters) - U.S. corn rose on Thursday, recouping some of the losses from the previous session on fresh concerns over drought damage to yields, while soybeans slipped on improved crop weather in some key U.S. growing states. Analysts continue to forecast lower corn and soybean yields for the 2012/13 season on the back of the worst drought in 56 years. FUNDAMENTALS * Chicago Board Of Trade December corn rose 0.37 percent to $8.30-1/2 a bushel after falling 0.6 percent in the previous session. * Spot wheat was steady at $879.1/2 a bushel after falling 2.4 percent in the previous session after Russia quashed concerns it would curb exports and France raised its crop estimate. * New-crop soybeans fell 0.64 percent to $16.18-1/2 a bushel, having closed down 0.7 percent on Wednesday after slipping as much as 2.6 percent during the session. * INTL FC Stone issued findings of U.S. crop survey. Corn yield forecast at 124.3 bushels per acre and production at 11.043 billion bushels. It pegged the soybean yield at 36.2 bushels per acre, and the crop at 2.730 billion. The forecasts were much smaller than the U.S. Department of Agriculture's corn yield estimate of 146 bushels per acre and production at 12.97 billion. Its soybean yield was an estimated 40.5 bushels per acre, and output of 3.050 billion bushels. * Reuters analysts poll also forecast lower yields than USDA estimate. The poll of 13 analysts found the U.S. corn crop will be the smallest in six years at 11.2 billion bushels, down 2.5 percent from a Reuters poll last week. Yield was pegged at 129 bushels per acre, the lowest in 14 years and down 1.5 percent from last week. * Analysts expect soybean yield per acre to be 38.1 bushels, down 1.2 percent from last week and the lowest figure in nine years. They see soy production at 2.834 billion bushels, down 2.2 percent from last week and a four-year low. * Amount of rains forecast across Midwest lowered through the weekend. Rains needed for soybeans, which is in its critical yield setting phase of development. * Wheat under pressure in previous session after Russia said it would not curb exports. Russia will have an exportable surplus of wheat in the range of 11 million to 15 million tonnes in 2012/13 depending on the final 2012 crop which was damaged by drought, a government source told Reuters on Wednesday. * However, traders remain cautious on Russian wheat export prospects. MARKET NEWS * The U.S. dollar started Asian trading on the front foot Thursday having hit a one-week high after the Federal Reserve refrained from offering new stimulus, leaving the European Central Bank to carry the burden of the market's hopes. * Oil futures ended up but off its highs in choppy trading on Wednesday after the U.S. Federal Reserve said the economy had lost some momentum but offered no new stimulus that could shore up growth and translate into higher fuel demand. * U.S. stocks slipped on Wednesday on disappointment that the Federal Reserve offered no new measures to stimulate the economy and after a computer glitch at a brokerage triggered a spike in volatility shortly after the open. DATA/EVENTS DATA/EVENTS (GMT) 0900 EZ Producer prices June 1100 Britain BOE Bank Rate Aug 1145 EZ ECB rate decision Aug 1230 EZ ECB's Mario Draghi to hold press conference 1230 US Jobless claims Weekly 1400 US Factory orders June 1430 US EIA natural gas stocks Weekly US ICSC chain store sales July Grains prices at 0042 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 879.50 0.00 +0.00% +33.87% 621.98 51 CBOT corn 803.50 3.00 +0.37% +22.02% 615.38 61 CBOT soy 1618.50 -10.50 -0.64% +31.85% 1168.27 49 CBOT rice $15.63 $0.04 +0.26% +6.69% $14.47 58 WTI crude $88.63 -$0.28 -0.31% -13.92% $98.48 51 Currencies Euro/dlr $1.222 -$0.073 -5.60% -6.38% USD/AUD 1.043 0.007 +0.66% +0.63% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Ed Davies)
