SYDNEY, June 11 (Reuters) - U.S. soybeans edged lower on Thursday amid plentiful global stockpiles, though the market hovered near a two-month high touched last week on support from upbeat China demand.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade eased 0.1% t0 $8.64-1/4 a bushel by 0142 GMT, having closed 0.3% firmer on Wednesday. The contract, however, traded near a two-month high of $8.73-1/2 a bushel last seen on June 5.
* The most active corn futures edged up 0.1% to $3.26-1/2 a bushel, having closed 0.4% weaker in the previous session when prices hit the June 4 low of $3.24-1/4 a bushel.
* The most active wheat futures were up 0.2% at $5.07-1/4 a bushel, having closed up 0.3% on Wednesday.
* China has made a string of purchases of U.S. soybeans recently. Traders reported the latest on Tuesday, when they said Chinese state-owned Sinograin bought at least 120,000 tonnes of U.S. soybeans for shipment in December.
* However, corn faced pressure after U.S. crop progress report on Monday showed an improvement in crop conditions.
* Ethanol production increased by 72,000 barrels per day last week, the U.S. Energy Information Energy reported on Wednesday, while stocks of the corn-based fuel dropped 674,000 billion barrels.
MARKET NEWS
* The dollar steadied against riskier currencies and the safe-haven yen hit a one-month high on Thursday, as the U.S. Federal Reserve's dour economic outlook spooked investors.
* Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve projecting recovery from the pandemic would take years.
* The Dow and S&P 500 ended a choppy session lower on Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.
(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
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