GRAINS-Corn hovers near 1-year low after record USDA yield estimate

* Corn little changed on Friday after day-earlier slide

* USDA's yield increase weighs but downside seen limited

* Soybeans steady after falling on unchanged USDA yield

* Wheat hesitant, weighs U.S. stocks cut vs big world supply

(Updates with European trading, changes byline/dateline) PARIS, Nov 10 (Reuters) - Chicago corn hovered on Friday near a one-year low as investors pondered whether there was more downside to prices after a slide sparked by a record yield estimate from the U.S. government. The Chicago Board of Trade most-active corn contract was down 0.2 percent at $3.41 a bushel by the end of the overnight session, close to Thursday's one-year low of $3.40-3/4. The U.S. Department of Agriculture (USDA) raised its corn crop forecast to 14.578 billion bushels, based on an average yield of 175.4 bushels per acre (bpa). The projected yield surpassed the highest trade expectations and, if realised, would top a record set last year. "The USDA surprised the market," Rabobank analysts said in a note. "Nevertheless, in the short term we view price downside for CBOT corn as limited - due mainly to the reluctance of producers to sell corn at prices much below current levels, but also due to the significant net short position held by funds." Soybeans, up 0.2 percent at $9.87-1/4 a bushel, were steadying after falling on Thursday when the USDA also surprised traders by keeping unchanged its soybean yield outlook, rather than trimming it as expected. The USDA expects soybean production to hit a record 4.425 billion bushels, on a yield of 49.5 bpa. Wheat was 0.20 percent lower at $4.28-1/4 a bushel. The wheat market was weighing up the USDA's downward revision to projected U.S. wheat stocks against the prospect of record global inventories of the cereal. Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Thursday and net buyers of wheat, traders said.

Prices at 1418 GMT

Last Change Pct End 2016 Ytd Pct Move Move CBOT wheat 428.25 -0.75 -0.17 408.00 4.96 CBOT corn 341.00 -0.50 -0.15 352.00 -3.13 CBOT soy 987.25 2.25 0.23 1004.00 -1.67 Paris wheat Dec 160.50 0.25 0.16 175.00 -8.29 Paris maize Nov 157.75 -0.25 -0.16 171.00 -7.75 Paris rape Nov 382.25 -1.25 -0.33 393.00 -2.74 WTI crude oil 57.17 0.00 0.00 53.72 6.42 Euro/dlr 1.17 0.00 0.09

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Reporting by Gus Trompiz and Naveen Thukral; Editing by Edmund Blair)