* Markets shrug off monthly USDA crop report

* Soyoil futures jump on solid demand

* Traders watch U.S. crop weather forecasts

CHICAGO, June 9 (Reuters) - Chicago Board of Trade soybean futures exceeded a three-week high on Friday as strong demand helped push soybean oil above a one-month peak, traders said.

Spillover support from soyoil's rally lifted soybeans, traders said, as corn and wheat futures slumped.

The agricultural markets largely shrugged off monthly supply and demand data from the U.S. Department of Agriculture.

The USDA separately confirmed private sales of 197,000 tonnes of U.S. soybeans to unknown destinations for delivery in the 2022/23 marketing year that began Sept. 1, 2022.

"The biofuel guys were buying the (soyoil) market over the past several weeks and some of the food end users may have gotten caught for spot coverage," said Terry Reilly, senior commodities analyst with Futures International. "We're seeing a little life in the soybean oil market for that reason."

The most-active soybean contract was up 20 cents at $13.83-1/4 a bushel by 12:10 p.m. CDT (1710 GMT) and reached its highest price since May 16. Soyoil hit its highest price since May 8 and was trading 2.18 cents higher at 54.68 cents per pound.

In the grain markets, wheat was down 1/4 cent at $6.26 a bushel, while corn slid 6-3/4 cents to $6.03-1/2 a bushel.

Traders said the markets will monitor U.S. crop weather amid concerns about dryness hurting recently planted corn and soybeans.

The USDA, in its monthly report, raised the domestic supply outlook for corn and soybeans due to waning export sales. A massive harvest in Brazil has cut into overseas demand for U.S. corn and soybeans as buyers on the export market look to the South American country for cheaper supplies of both crops.

The USDA

raised its estimates for Brazil's 2022/23 corn crop to 132 million metric tons from 130 million and for Brazil's soybean crop to 156 million metric tons from 155 million. If realized, both would be records for the world's largest soy and corn exporter. (Reporting by Tom Polansek in Chicago. Additional reporting by Matthew Chye in Singapore, Sybille de La Hamaide in Paris and Karl Plume in Chicago; Editing by Marguerita Choy and Sohini Goswami)