16/02/2017 (Reuters) - U.S. soybean futures on Wednesday edged away from a six-day low touched the session before, although expectations for ample South American production kept a lid on gains.

FUNDAMENTALS 

* The most active soybeans futures on the Chicago Board of Trade rose 0.1 percent to $10.46 a bushel. They closed down 0.9 percent on Tuesday, after touching their lowest since Feb. 8 at $10.42-1/2 a bushel.

* The most active corn futures were unchanged at $3.74-1/4 a bushel, having ended the last session down 0.3 percent.

* The most active wheat futures climbed 0.1 to $4.50 a bushel, after closing the previous day down 0.6 percent.

* Soybean prices have been pressured by expectations of bumper harvests in Brazil and Argentina that will boost competition for U.S. supplies.

* Brazil's 2016-17 corn crop should reach a record 89.6 million tonnes as analysts raised expected yields due to favourable weather, according to a Reuters poll.

* U.S. farmers have made advance sales of up to half the soybeans they expect to harvest this year, looking to get ahead of the expected record South American crop.
            
MARKET NEWS 

* The dollar stood tall on Wednesday after Federal Reserve Chair Janet Yellen signalled a faster pace of U.S. interest rate increases at her two-day testimony before Congress. 

* Oil prices pared gains after the settlement Tuesday, as evidence of surging U.S. crude oil stockpiles underscored concerns that shale production might limit the effectiveness of an OPEC-led effort to cut global output. 

* Major U.S. stock indexes established record highs on Tuesday, led by bank stocks after Yellen said it would be unwise to wait too long to raise interest rates.