* USDA pegs global supplies above forecasts
* Soybeans fall on stronger dollar
* Wheat follows corn lower
CANBERRA, May 13 (Reuters) - U.S. corn futures fell more
than 1% to hit a more than one-week low on Thursday, as concerns
about global supplies were tempered after the U.S. Department of
Agriculture (USDA) pegged a production forecast above market
Soybeans fell nearly 1% to fall from a September 2012 high,
while wheat also slid.
The most-active corn futures on the Chicago Board of Trade
were down 1.4% to $7.05 a bushel by 0346 GMT, near the
session low of $6.98-1/2, its lowest since May 5. Corn closed
down 1% on Wednesday.
Analysts said corn was under pressure from the USDA report,
but said losses were checked by scepticism about the figures.
"Obviously the USDA's forecasts carry considerable
weight. Much of the market though views these numbers as
optimistic," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
The USDA projected U.S. 2021/22 corn ending stocks at 1.507
billion bushels, up from 1.257 billion bushels expected at the
end of 2020/21, and above the average analyst estimate in a
Reuters poll for 1.344 billion bushels.
The USDA also lowered its estimate of Brazil's 2020/21 corn
crop to 102 million tonnes, from 109 million tonnes last month,
while Brazilian government supply agency Conab lowered its
forecast to 106.413 million tonnes, from 108.966 million tonnes
The most-active wheat futures were down 0.5% to
$7.26-1/4 a bushel, after closing down 1.6% on Wednesday.
The most-active soybean futures were down 1% to
$16.26-1/4 a bushel, after gaining 1.7% in the previous session,
when prices hit a September 2012 high of $16.67-1/2.
While slipping lower, soybeans have shrugged of the impact
of the USDA report, but a stronger dollar was denting export
prospects, analysts said.
The USDA projected U.S. 2021/22 soybean ending stocks at 140
million bushels, roughly in line with trade expectations but up
only slightly from the 120 million bushels expected at the end
of 2020/21, a seven-year low.
(Reporting by Colin Packham; Editing by Rashmi Aich)