SYDNEY, Nov 2 (Reuters) - U.S. corn futures fell 1% on Monday, as concerns about the global economy stoked fears about depressed demand for ethanol. FUNDAMENTALS * The most active corn futures on the Chicago Board Of Trade were down 1% at $3.94 a bushel by 0212 GMT, after closing unchanged in the previous session. * The most active soybean futures were down 0.5% at $10.51-1/2 a bushel, after firming 0.6% on Friday. * The most active wheat futures were down 0.5% at$5.95-1/2 a bushel, after closing down 0.9% on Friday. * The U.S. Department of Agriculture (USDA) on Friday confirmed private sales of 121,500 tonnes of U.S. soybeans to unknown destinations. * Market worries about global wheat production amid adverse weather across the U.S. Plains. MARKET NEWS * The U.S. dollar held steady on Monday as investors readied for this week’s U.S. presidential election, while a surge in global coronavirus cases continued to weigh on sentiment. * Oil prices slumped more than 4% to the lowest levels since May on worries a swathe of coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the U.S. Presidential election week. * Oil prices hit five-month lows and shares extended losses on worries about global demand as many economies slid back into coronavirus-induced lockdowns while upcoming U.S. presidential elections led to heightened caution.