* Gains pared late due in part to scattered hedge-related selling, traders said.

* USDA raised its estimate of the US soybean yield to 37.8 bushels per acre, up from 35.3 in September, and raised production to 2.860 billion bushels, from 2.634 previously. Both figures were slightly above trade estimates.

* USDA also raised its forecast of US 2012/13 soybean ending stocks to 130 million bushels, from 115 million in September, but the stocks-to-use ratio, a gauge of supply tightness, rose to only 4.4 percent, the lowest since 1965/66.

* China's regular auction of soybeans from state reserves Thursday drew a lukewarm response with only 225,355 tonnes sold, roughly half of what was offered, after the government hiked the bidding price for some stocks by 15 percent.

* Malaysian palm futures rose to their highest in more than a week as a government plan to cut an export tax on crude palm oil offset record stockpiles and weak exports.

* Rains this weekend will likely slow the US Midwest soybean harvest but conditions should turn drier beginning Monday, a forecaster said.