* USDA pegs US corn plantings down 5% from 2023

* US corn stocks on March 1 miss analysts' estimates

* USDA data seen neutral for CBOT soybeans and wheat

CHICAGO, March 28 (Reuters) - Chicago Board of Trade (CBOT) corn futures jumped to their highest level in almost eight weeks on Thursday after the U.S. Department of Agriculture reported grain stocks and intended plantings below trade estimates.

The data delivered a bullish jolt to corn futures that also buoyed wheat prices, analysts said.

"It shocked the market," said Don Roose, president of U.S. Commodities. "Corn was positive all the way around."

Intended plantings of U.S. corn for the 2024 harvest came in at 90.036 million acres, the USDA said, below the average analyst estimate of 91.776 million acres. Quarterly corn stocks as of March 1 were 8.347 billion bushels, below analysts' expectations for 8.427 billion.

The most active CBOT corn contract soared 15-1/4 cents to $4.42 a bushel, and CBOT wheat gained 12 cents to $5.59-1/2 a bushel as of 1700 GMT. Soybeans lost 4 cents to $11.88-1/2 a bushel.

U.S. soybean plantings and quarterly stocks were roughly in line with analyst estimates, with plantings rising from 2023. Farmers are switching acres to soybeans after harvesting a record corn crop last year.

"The report is not having a tremendous effect on soy," said Darin Fessler, senior hedge advisor at Lakefront Futures. "We didn't see anything bullish."

The USDA reported total U.S. wheat plantings and March 1 wheat stocks slightly above trade estimates.

"Corn is the driver here, and corn and wheat are going to be neck and neck," Fessler said.

A strong dollar and ample grain and soy supplies in South America and the Black Sea will keep a lid on the markets, analysts said.

U.S. wheat export sales for the week ending March 21 beat trade estimates for the 2023-24 year, while corn export sales were on the higher end of analyst estimates and soybean sales missed expectations. (Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Sohini Goswami and Josie Kao)