Soybeans, corn futures slide on bigger-than-expected US crops

* Corn, soybean yields set to be fifth largest on record

* Huge number of corn ears-per-acre adding to yields, USDA says

* Wheat bounces on smaller-than-expected world stocks forecast

CHICAGO, Sept 12 (Reuters) - Chicago soybeans plummeted to a 3-week low and corn sharply dropped on Tuesday after a government report said that crops were not hampered as much as traders expected by hot and dry weather this summer.

The U.S. Department of Agriculture on Tuesday raised its outlook for the corn harvest, as massive acreage outweighed damage done to yield projections that stemmed from prolonged periods of dryness, according to the monthly World Agricultural Supply and Demand Estimates (WASDE) report.

While this fall's U.S. corn yield is below trend, it is still slated to be the fifth highest on record - with a record number of ears per acre and huge ear counts, USDA officials said during a report briefing on YouTube.

Soybean yields are also below trend, and set to be the fifth largest on record, USDA officials said.

"The issue with corn is that USDA increased planted acres more than some expected, and decreased its outlook for yields. But the trade wanted to see a steeper yield cut," said Rich Nelson, chief strategist at Allendale, Inc.

Meanwhile, Chicago wheat futures slumped to a 33-month low ahead of the report, pressured by robust Russian supplies.

The most-active active wheat contract on the Chicago Board of Trade (CBOT) dropped to a new contract low of $5.71 a bushel early in the trading session - the lowest since Dec. 9, 2020. But wheat rebounded on the WASDE report forecasting lower-than-expected world stocks.

"I would think that if anything is going to have the shorts re-thinking their positions, it's going to be this report," said Mike Zuzolo, president of Global Commodity Analytics.

CBOT wheat contract was up 0.73% at $5.88-3/4 a bushel at 1705 GMT.

CBOT corn was down 2.01% at $4.76 a bushel. CBOT soybeans dropped 1.59% at $13.47-1/2 a bushel, and at one point dipped to $13.40-3/4 a bushel, the lowest since Aug. 23. (Reporting by P.J. Huffstutter in Chicago; Additional reporting by Tom Polansek in Chicago and Zachary Goelman in New York City; Editing by Aurora Ellis and Grant McCool)