* Wheat falls on hefty crop estimates for Canada, Australia
* Corn dips a day after touching four-week high
* Soybeans end higher after see-saw session (Updates with closing CBOT prices)
By Julie Ingwersen
CHICAGO, Dec 7 (Reuters) - U.S. wheat and corn futures fell on Wednesday, pressured by plentiful world feedgrain supplies and profit-taking following light rallies a day earlier, traders said.
Soybean futures ended modestly higher after a choppy session, supported by fresh export demand for U.S. soy and worries about South American crop weather.
Chicago Board of Trade wheat for March delivery WH7 settled down 5-3/4 cents at $4.01 per bushel. March corn CH7 ended down 2-1/2 cents at $3.58 a bushel while January soybeans SF7 finished up 1-1/4 cents at $10.49 a bushel.
Wheat posted the biggest percentage decline, with the March contract WH7 retreating after reaching its highest level in nearly a week on Tuesday.
"There is nothing bullish in the wheat market to get traders excited," said Terry Reilly, analyst with Futures International, leaving the market to struggle with a bearish fundamental outlook characterized by huge global supplies.
Canada's Statscan on Tuesday put the country's all-wheat crop at 31.7 million tonnes, up 15 percent from last year and exceeding the average trade expectation of 30.7 million tonnes. another major supplier, this week raised its official forecast for 2016-17 wheat production to a record 32.64 million tonnes. seems to be no end to the bearish news on the wheat market," Commerzbank (DE:CBKG) said in a research note.
Corn eased as U.S. producers sold scattered volumes of grain, taking advantage after the March contract CH7 on Tuesday touched $3.64 a bushel, its highest level in about four weeks.
Crop prospects in South America remained a focus.
"Dryness in Argentina is a concern, but excellent conditions in Brazil may dampen the impetus to push (corn) prices higher," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
Soybeans closed higher in rangebound trade, lifted by worries about dry weather in Argentina and confirmation of fresh U.S. export sales. The U.S. Department of Agriculture said private exporters in the last day sold 466,000 tonnes of U.S. soybeans to China and unknown destinations. were also adjusting their positions ahead of the USDA's monthly supply/demand report for December, due Friday.
Analysts surveyed by Reuters on average expect the government to lower its forecast of U.S. 2016/17 soybean ending stocks and leave its figures for corn and wheat ending stocks nearly unchanged. settlement prices:
Last
Net
Pct Volume
change change
CBOT wheat
WH7
401.00 -5.75
-1.4 48680 CBOT corn
CH7
358.00 -2.50
-0.7 115377 CBOT soybeans SF7
1049.00
1.25
0.1 118509 CBOT soymeal
SMF7
320.50 -1.40
-0.4 60104 CBOT soyoil
BOF7
37.93
0.11
0.3 77346
CBOT wheat, corn and soybeans shown in cents per bushel, soymeal in dollars per short ton and soyoil in cents per lb.