GRAINS-Corn rises but higher output estimates keep prices near contract lows

CANBERRA, Aug 15 (Reuters) - Chicago corn futures rose slightly on Friday, but were down almost 2% over the week and near contract lows after larger estimates of U.S. and Brazilian crops underscored how well-supplied the global market is.

Soybean futures steadied after profit-taking took the momentum out of a rally triggered by a downgrade to the U.S. harvest outlook. Wheat climbed after tracking corn lower during the week.

FUNDAMENTALS

* The most active corn contract on the Chicago Board of Trade (CBOT) Cv1 had risen 0.1% to $3.97-3/4 a bushel by 0200 GMT.

* CBOT soybeans Sv1 gained 0.2% to $10.30-1/4 a bushel and were up 4.3% so far this week, while wheat Wv1 rose 0.2% to $5.04-1/4 a bushel and was headed for a 2% weekly loss.

* All three markets are well supplied. CBOT corn is trading near one-year lows and wheat near five-year lows. Soybeans are above recent lows but significantly below their 2021-2023 price levels.

* Brazil will harvest 137 million metric tons of corn in 2024-25, its crop agency Conab said, after raising its estimate for second corn production by 5 million tons.

* Earlier this week, the U.S. Department of Agriculture (USDA) significantly raised its estimate for the U.S. corn crop nearing harvest.

* Low U.S. corn prices appear to be stimulating demand, preventing further losses.

* Net export sales of new-crop U.S. corn of 2,047,813 tons in the week ended August 7 were near the high end of the range of trade estimates, with the USDA also confirming a series of private sales.

* Net export sales of new-crop U.S. soybeans were larger than expected in the week ended August 7, but China's absence from the U.S. market worried traders and kept a lid on prices.

* U.S. soybean exporters risk missing out on sales worth billions of dollars to China as bilateral trade talks drag on.

* The U.S. July soybean crush likely increased slightly after a dip in the processing pace in June, analysts said ahead of a National Oilseed Processors Association report on Friday.

MARKETS NEWS

* Global stocks edged lower on Thursday, with equities on Wall Street ending flat, while U.S. Treasury yields rose after market expectations for Federal Reserve interest rate cuts were shaken by surprisingly strong inflation data. MKTS/GLOB