* Heavier than expected March deliveries weigh on soy complex

* Weekly soybean exports on lower end of expectations -USDA

* Traders look to govt data for signs of lingering inflation

(Updates throughout as of 1652 GMT; adds analyst comment; new headline, adds bullets, changes byline/dateline, previous PARIS/CANBERRA)

CHICAGO, Feb 29 (Reuters) - Chicago Board of Trade soybean futures fell to a new three-year low on Thursday, pressured by improving South American weather, tepid U.S. export sales and heavier-than-expected contract deliveries, traders said.

Four of CBOT's soybean contracts - including May - set new life-of-contract lows early in the session, before prices climbed higher.

Corn futures also edged down after earlier reaching a two-week high in the previous session, bouncing off last week's three-year trough.

Wheat futures were mixed on spillover weakness from corn and soybeans, as well as stiff competition for global export business, traders said.

"The bottom line is that world commodity production is outpacing usage and until this changes, markets will see pressure," said Karl Setzer, partner at Consus Ag Consulting.

Short-covering by speculative investors had helped grain markets bounce off lows in the past week, but plentiful supply in the Americas and the Black Sea region has curbed prices.

Meanwhile, broader economic data continues to give mixed signals for commodity investors, who spent some of the session digesting U.S. core personal consumption expenditures (PCE) price data and consumer spending.

The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.15% at $11.43-1/2 a bushel at 1652 GMT. It earlier reached its weakest since November 2020 at $11.28-1/2, below a previous three-year low struck on Monday.

Industry association Abiove cut its estimate for Brazil's 2024 soybean output for the second time this month to 153.8 million metric tons due to adverse weather.

But Brazilian production would still be close to last year's record crop of around 159 million tons, and Argentina, which begins harvesting in April, expects a bumper crop.

CBOT corn was down 0.18% at $4.27-3/4 a bushel, while CBOT wheat was up 0.22% to $5.67. (Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Janane Venkatraman, Andrea Ricci and Shweta Agarwal )