CANBERRA, May 12 (Reuters) - U.S. soybean futures rose about 1% on Wednesday to hit their highest level in nearly nine years as concerns over tight global supplies underpinned the market.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were up 0.9% to $16.29 a bushel by 0149 GMT, near the session high of $16.29-1/4 a bushel - the highest since September 2012. Soybeans closed up 1.7% on Tuesday.

* The most-active corn futures were up 0.8% to $7.27-3/4 a bushel, having gained 1.5% in the previous session.

* The most-active wheat futures were up 0.9% to $7.48-3/4 a bushel, having closed up 1.5% on Tuesday.

* Corn and soybeans both drew support from concerns about dwindling global supplies.

* Traders are awaiting Wednesday's World Agricultural Supply and Demand Estimates (WASDE) report, in which the U.S. Department of Agriculture (USDA) will give its first global outlook for 2021/22 and update its 2020/21 estimates.

* Analysts surveyed by Reuters on average expected the USDA to lower its estimate of Brazil's 2020/21 corn production to 103.5 million tonnes, from 109 million tonnes in April. Others fear the figure ultimately could fall below 100 million tonnes, curbing exportable supplies.

* Brazilian agribusiness consultancy AgRural on Monday estimated the country's total corn crop at 95.5 million tonnes.

MARKET NEWS

* The U.S. dollar hovered near its lowest levels of the year on Wednesday as traders hung on to bets that the Federal Reserve would remain steadfast in its easy policy settings ahead of data expected to show a sharp rise in annual U.S. inflation.

* Oil prices settled higher on Tuesday, as lingering fears of gasoline shortages due to an outage at the largest U.S. fuel pipeline system after a cyber attack brought futures back from an early drop of more than 1%.

* Asian shares languished near one-month lows on Wednesday as investors speculated surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally.

(Reporting by Colin Packham; Editing by Subhranshu Sahu)