SINGAPORE, Feb 8 (Reuters) - Chicago soybeans lost more ground on Thursday, while corn prices traded close to a three-year low hit in the previous session, as improved weather in Argentina and Brazil boosted expectations of abundant supplies.
Wheat fell for the first time in three sessions.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.4% at $11.84-1/2 a bushel, as of 0106 GMT, and corn shed 0.2% to 4.33-1/2 a bushel, after dropping to its weakest since December 2020 at $4.33 on Wednesday.
* Wheat fell 0.4% to $5.99-1/2 a bushel.
* Argentina's main farmland will receive significant rainfall over the next few days, the Buenos Aires Grains Exchange announced on Wednesday, adding this should boost the country's current soybean and corn crops.
* In recent weeks, Argentina's top agricultural areas have experienced mostly dry conditions and high temperatures during the Southern Hemisphere summer.
* Projected rains in major Brazilian growing regions are adding to expectations of massive South American supplies.
* Expectations of large grain and oilseed supplies are driving funds and other market participants to adjust their positions ahead of a raft of crop reports later on Thursday.
* The data will include Brazilian agency Conab's update of the country's official production estimates, Statistics Canada estimates on its country's grain stocks, and the U.S. Department of Agriculture's monthly U.S. and world supply-and-demand forecasts.
* Commodity funds were net sellers of CBOT corn, soybean and soymeal futures contracts on Wednesday, and net buyers of wheat and soyoil, traders said.
MARKET NEWS
* Global equities climbed to a more than two-year peak and the S&P 500 closed at a record high on Wednesday, as strong earnings offset jitters related to U.S. regional banks and China's markets.
DATA/EVENTS (GMT) 0130 China PPI, CPI YY Jan 1330 US Initial Jobless Clm Weekly (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
