CANBERRA, July 14 (Reuters) - U.S. corn futures fell for the
first time in three sessions on Wednesday, but losses were
limited by concerns about global supply shortages.
* The most-active corn futures on the Chicago Board of Trade
were down 0.1% at $5.40-1/4 a bushel by 0150 GMT, having
gained 1.5% in the previous session.
* Soybean futures dipped 0.1% to $13.50-1/4 a bushel,
having closed little changed on Tuesday after prices earlier hit
a one week high.
* Wheat futures gained 0.2% at $6.35-3/4 a bushel,
having closed down 1.1% on Tuesday.
* Corn is drawing support from optimism about export demand
for U.S. supplies, given declines in the size of Brazil's corn
* The U.S. Department of Agriculture on Monday lowered its
estimate of Brazil's 2020/21 corn production to 93 million
tonnes, from 98.5 million a month earlier.
* Brokers were also considering whether the USDA might
eventually lower its forecast of the U.S. 2021 corn yield from
its current projection of 179.5 bushels per acre, signalling
tighter supplies of new-crop corn.
* The USDA cut its estimate of U.S. wheat production due to
drought in the northern Plains spring wheat belt.
* The U.S. dollar touched a three-month high versus the euro
and a one-week high versus the yen on Wednesday, after heated
U.S. inflation spurred bets of faster monetary policy tightening
than Federal Reserve officials have so far signalled.
* The S&P 500 and Nasdaq ended lower on Tuesday after
hitting record highs earlier in the session, with investors
digesting a jump in consumer prices in June and earnings from
JPMorgan and Goldman Sachs that kicked off the quarterly
(Reporting by Colin Packham; editing by Uttaresh.V)