CANBERRA, Jan 6 (Reuters) - U.S. corn futures rose more than 1% on Wednesday to hit their highest in more than six years, as concerns about global supplies were fuelled by production issues in a key region.
FUNDAMENTALS
* The most active corn futures on the Chicago Board Of Trade were up 1.2% at $4.92-1/2 a bushel by 0149 GMT, near the session high of $4.98 a bushel - the highest since May 2014. Corn closed up 1.7% in the previous session.
* The most active soybean futures were up 1% at 13.66-1/2 a bushel, having firmed 2.6% on Tuesday when prices hit a June 2014 high of $13.73-1/4 a bushel.
* The most active wheat futures were up 0.5% at $6.57 a bushel, having closed up 1.9% on Tuesday when prices hit a high of $6.65 a bushel - the highest since December 2014.
* Corn and soybeans draw support on dwindling supplies from Brazil and Argentina due to dry conditions in some areas.
* Argentina last week said it will suspend sales of corn for export until Feb. 28 as the government seeks to ensure ample domestic food supplies.
* Brazil's soybean harvest has started slowly in the top-producing state of Mato Grosso. Local farmers say harvesting is behind last year's pace due to scarce rainfall earlier in the season.
MARKET NEWS
* The dollar fell against a basket of major currencies on Tuesday, on the heels of China's decision to lift its official yuan exchange rate by its highest margin since it abandoned a dollar peg in 2005, while U.S. Senate runoff elections in Georgia were also in focus.
* Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.
* Asian stocks were mixed on Wednesday as investors anxiously awaited results of U.S. runoff elections that would determine the legislative balance of power in the world's largest economy, while oil prices rose on news of planned output cuts. (Reporting by Colin Packham; Editing by Shailesh Kuber)
