BEIJING, March 5 (Reuters) - Chicago soybean futures slipped on Tuesday, surrendering gains from the previous session, as bountiful supply from South America weighed on the market.

Corn and wheat futures also failed to sustain an overnight rise fuelled by bargain buying.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was 0.3% lower at $11.51-1/2 a bushel by 0423 GMT, after rising 0.3% in the previous session.

Wheat fell 0.22% to $5.62-3/4 a bushel after rising 1.1% on Monday.

CBOT corn fell 0.06% to $4.29-3/4 a bushel after rising 1.2% in the previous session.

Corns and beans are getting support from dry forecast in South America while lower Russian and EU wheat prices continue to weigh on U.S. wheat prices, Bergman Grains Research said in a note. "The outlook for beans is more bearish than corn as U.S. acres are expected to grow considerably and South American hedge pressure continues to weigh, but if corn can add value, beans will likely follow along," Bergman Grains added.

Commodity funds were covering short positions ahead of a monthly U.S. Department of Agriculture supply and demand report on Friday, where traders will assess the USDA's latest estimates on corn and soy production in South America.

The USDA confirmed private sales of 110,000 metric tons of U.S. corn to Taiwan for delivery in the 2023/24 marketing year that began Sept. 1, 2023.

It also confirmed sales of 126,000 tons of U.S. soymeal to undisclosed destinations, including 30,000 tons for delivery in the 2023/24 marketing year that began Oct. 1, 2023, and 96,000 tons for 2024/25 delivery.

China on Tuesday sharply expanded its budget to stockpile grains and edible oils this year and stepped up support and policies to boost soybean and grains production.

In Australia, wetter weather should boost production of winter crops, including wheat, barley and canola, to 51 million metric tons in 2024/25 from 46.7 million tons in the current season, an agriculture ministry official said.

Brazil's soybean harvest for the 2023/24 cycle had reached 48% of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday, up 8 percentage points from the previous week.

Forecasts for Brazil and Argentina's soybean harvests are expected to be bountiful despite some analysts downgrading the Brazilian forecast.

Commodity funds were net buyers of Chicago Board of Trade corn, soybean, wheat and soymeal futures, traders said. Funds were net even in soyoil, they said. (Reporting by Mei Mei Chu; Editing by Eileen Soreng)