GRAINS-Soy falls 1 pct on better US harvest weather

* Better U.S. harvest weather pressures soy, corn

* Grains underpinned by weak dollar, higher crude, gold

* Profit-taking follows early week fund buying (Recasts to include close of U.S. trading session, fresh analyst quotes)

CHICAGO, Nov 4 - U.S. soybean futures fell 1 percent on Wednesday as farmers sped up harvesting soy due to better weather in the United States and on profit-taking after big price gains earlier in the week.

Corn also was weak amid the brighter harvest weather outlook, but wheat inched up on fund buying and a weak dollar.

The improved outlook for harvesting soybeans and corn would greatly aid U.S. farmers' efforts to gather a potentially record large corn and soybean crops, both bearish factors for futures prices.

"Weather is bearish and the forecast for next week is drier too," said Vic Lespinasse, analyst for GrainAnalyst.com.

U.S. November delivery soy closed down 11-1/4 cents per bushel at $9.95-1/2, December delivery corn ended down 6 cents at $3.84 and wheat for December was up 5-1/4 at $5.21 a bushel.

Analytical firm Informa Economics on Wednesday estimated 2009 U.S. corn production at a record 13.064 billion bushels and soy output at a record 3.333 billion.

The U.S. Department of Agriculture on Tuesday will release updated production figures in its November crop report.

Meteorlogix weather said on Wednesday that warm and dry weather over the U.S. Midwest this week is giving farmers a chance to speed up harvest which is running about a month behind schedule.

"It's the best harvest weather we've seen this season," said Mike Palmerino, meteorologist for DTN Meteorlogix weather service.

Showers are forecast for next week but the amounts of rain expected in the western U.S. Midwest are not as large as previously forecast.

"The market is very sensitive to the weather outlook and it remains to be seen how much can be harvested before any more weather risks appear," said Toby Hassall, an analyst with Commodity Warrants Australia.

The U.S. harvest is running three to five weeks behind its normal schedule because of late sowing in the spring and heavy rains this autumn.

FUNDS TURN SELLERS

Profit-taking also weighed on the markets following the strong rallies on Monday and Tuesday that were triggered by fund buying.

Corn climbed 6.5 percent to a one-week high by Tuesday, with funds buying about 20,000 lots. Soybeans rose 3 percent with funds buying about 10,000 lots.

On Wednesday, traders estimated funds sold at least 5,000 lots in corn and 4,000 lots in soybeans.

"Funds have come to the fore this week, especially for corn," said GrainAnalyst.com's Lespinasse.

"The deciding factor is the funds. They were sellers today, except for wheat," Lespinasse said. CBOT settlement prices

Last Change Pct 2008 YTD

Chg Close Pct Chg --------------------------------------------------------------- CBOT corn 3.8400 -0.0600 -1.5 4.07 -5.7 CBOT soy 9.9550 -0.1125 -1.1 9.7225 2.4 CBOT meal 301.60 -4.80 -1.6 300.5 0.4 CBOT soyoil 0.3755 0.0002 0.1 0.3329 12.8 CBOT wheat 5.2100 0.0525 1.0 6.1075 -14.7 CBOT rice 14.9600 0.0850 0.6 15.34 -2.5 EU wheat 128.50 0.5 0.4 137 -6.2 US crude 80.73 1.13 1.4 44.60 81.0 Dow Jones 9913 141 1.5 8776 13.0 Gold 1096.45 11.95 1.1 878.20 24.9 Euro/dollar 1.4895 0.0165 1.1 1.3978 6.6 Dollar Index 75.6430 -0.7430 -1.0 81.1510 -6.8 Baltic Freight 3295 48 1.5 774 326 ---------------------------------------------------------------- *In U.S. dollars, front-month contracts, except EU wheat, which is in euros, CBOT wheat, corn and soybeans per bushel, rice per hundredweight, soymeal per ton and soyoil per lb. (Additional reporting By Christine Stebbins in Chicago, Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by Lisa Shumaker)