The latest USDA report raised U.S. soybean production and yields, but the increases fell short of market expectations. Strong export demand pushed ending stocks down to 300 million bushels, and combined with no increase in South American production, CBOT soybeans surged, posting their largest single-day gain in four months. Overnight, the CBOT soybean front-month contract closed slightly lower, ending a two-day rebound. U.S. soybeans had risen for consecutive sessions, buoyed by the bullish news of the USDA monthly report cutting yields and ending stocks, but have now failed to sustain the rally, with the board turning to consolidation. Meanwhile, Brazil's soybean planting progress is the fastest on record and the prospects for a bumper crop are clear, leaving the global soybean supply-loose pattern unchanged; China's purchasing pace is relatively slow, and export demand lacks fresh stimulus.