CANBERRA, Feb 10 (Reuters) - U.S. corn futures fell nearly 1% on Wednesday as the U.S. Department of Agriculture pegged its end of season stocks estimates at above market expectations.
FUNDAMENTALS
* The most active corn futures on the Chicago Board Of Trade were down 0.9% at $5.51-1/2 a bushel by 0200 GMT, after closing down 1.3% on Tuesday when prices had earlier hit a June 2013 high.
* The most active soybean futures fell 0.5% to $13.95-1/2 a bushel, after firming 1.1% in the previous session when prices hit a Jan 19 high of $14.09-1/2 a bushel.
* The most active wheat futures were down 0.7% at $6.45 a bushel, after closing down 1% on Tuesday.
* The USDA only minimally trimmed its U.S. end-of-season stocks outlook and raised its export forecast by less than many traders had anticipated following record-large sales to China.
* USDA projected U.S. corn ending stocks for the 2020/21 marketing year at 1.502 billion bushels and soybean ending stocks at 120 million bushels, both down from January.
* Analysts polled by Reuters had expected corn ending stocks of 1.392 billion and soy ending stocks of 123 million.
MARKET NEWS
* The dollar fell to two-week lows on Tuesday in choppy trading, led by losses against the yen and euro, as risk sentiment improved in the afternoon session amid stock market gains and as U.S. Treasury yields rose.
* Oil prices rose again on Wednesday, extending their rally into an eighth day after industry data showing a fall in U.S. crude oil stocks added to optimism about an expected rise in global fuel demand.
* Asian stocks inched higher on Wednesday, as upbeat Wall Street earnings and optimism about a global recovery supported sentiment, although concerns about the sustainability of a recent risk rally are likely to cap gains.
(Reporting by Colin Packham; Editing by Amy Caren Daniel)
