CANBERRA, Nov 1 (Reuters) - Chicago wheat prices edged up on Wednesday but hovered near a three-week low hit in the previous trading session, due to strong supplies from Russia, lacklustre demand and a decline in concern about poor harvests in Australia and Argentina.

Soybean futures edged higher and corn fell slightly.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.2% at $5.57-1/4 a bushel by 0011 GMT after falling for the last three sessions.

* CBOT soybeans rose 0.1% to $13.11-3/4 a bushel and corn fell 0.1% to $4.78-1/4 a bushel.

* Chicago wheat is nearing September's three-year low of $5.40, which came as cheap Russian wheat flooded the market.

* Prices rose in October amid fears that dry weather would further reduce yields in major exporters Argentina and Australia, but rain has fallen in both countries.

* The U.S. Department of trade said it expected Argentina to produce 14.5 million metric tons of wheat in the 2023/24 marketing year.

* "Wheat prices continue to erode lower amid the increase in supply of cheap wheat coming out of Ukraine, on top of the massive supply of cheap wheat coming out of Russia," said StoneX analyst Arlan Suderman.

* Consultants Sovecon this week estimated Russia's October wheat exports at 4.4 million tons, down from 4.5 million tons a year ago. It said weak demand held FOB prices at $228-234 a ton, down $1 from the week before.

* The success of Ukraine's new Black Sea export corridor has meanwhile led to a sharp increase in the number of rail wagons heading to ports in the Odesa region, a railways official said on Monday.

* Ukraine's agriculture ministry said farmers had sown around 5.34 million hectares of winter crops as of Oct. 30, including 85.7% of the expected wheat cropping area.

* Trading sources said China is set to import record volumes of wheat this year following rain damage to its crop. It is so far buying in Europe and Australia rather than the United States.

* European Union soft wheat exports since the start of the 2023/24 season in July were 9.61 million tons by Oct. 29, down 24% from a year earlier, EU data showed.

* Commodity funds were net sellers of CBOT wheat on Tuesday, traders said, and net buyers of corn and soybeans.

* Moving to beans, the U.S. soybean crush likely increased in September to 5.249 million short tons, or 175.0 million bushels -- the largest September crush on record -- a poll of seven analysts showed.

* Soybean oil used to produce biofuels in the U.S. fell to 1.197 billion lbs used in August.

* Brazilian farm group BrasilAgro has advanced soy planting in some parts of Mato Grosso state but has seen slower progress in others due to irregular rains, an executive said.

MARKETS NEWS

The yen slid across the board and hit a 15-year low against the euro on Tuesday after the Bank of Japan's move to loosen monetary policy was seen as inadequate, while global stock indexes rose a day before the Federal Reserve meets to decide on interest rates.

(Reporting by Peter Hobson; Editing by Rashmi Aich)