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GRAINS-Corn, wheat steady after three-month lows

* Favourable growing weather still weighing on market

* Corn, wheat facing 4th straight weekly drop

* Wheat market watching U.S. harvest, heat in Russia

(Recasts after European trading; changes byline/dateline)

PARIS/SINGAPORE, June 6 (Reuters) - Chicago corn and wheat futures edged higher on Friday, finding support after favourable crop weather drove prices to three-month lows earlier in the session.

Corn fell during the previous six sessions and is on course for a fourth straight weekly decline as benign conditions for recently planted maize have raised expectations for a record harvest this year.

Wheat has also been pressured by improving U.S. weather that focused attention on ample global supplies. The market held above the psychological $6 barrier on Friday, however, as some traders said the recent pullback had been overdone in view of crop risks in the southern United States and Russia.

Soybean futures ticked higher after falling 1.5 percent on Thursday.

Chicago Board of Trade July corn was up 0.2 percent at $4.50 a bushel by 1244 GMT. It earlier slipped to $4.47, the lowest front-month price since Feb. 27.

CBOT July wheat added 0.7 percent at $6.09-3/4 a bushel, recovering from an earlier low of $6.03, a level not seen on a front-month contract since Feb. 28.

July soybeans edged up 0.1 percent to $14.62-1/4.

"We are looking at a record harvest for corn in the U.S. this year, which is certainly putting pressure on the market," said Graydon Chong, senior grains analyst at Rabobank.

"The weather seems like it will be relatively kind to crops for the foreseeable future."

Scattered thunderstorms in the U.S. Midwestern crop belt were expected to be largely beneficial to developing crops even as isolated fields were damaged by hail, while heavy rainfall could force some farmers to replant corn seeds, agricultural meteorologists said.

Spring wheat, like corn, has enjoyed favourable conditions while drought-affected winter wheat has received some rain.

Heavy rain forecast for the next five days could further ease drought in the southern Plains belt, the Commodity Weather Group said on Friday.

But some traders said the recent selloff in wheat was driven by investment funds and overlooked the prospect of yield losses in the southern United States and potentially in Russia.

"We're going to have some good crops in the world but to fall back to $6 when the U.S. is going to see a big drop in its harvest is a bit brutal as a correction," a European trader said.

Analytics firm Informa Economics updated its U.S. winter wheat production estimates, pegging production at 1.396 billion bushels - down 100 million from its previous estimate - but the data garnered little reaction in the futures market.

The price fall in wheat has stirred demand from major importers but the U.S. market has been discouraged by signs of strong competition from Black Sea origins.

Flour millers in Indonesia have bought around 200,000 tonnes of Russian wheat as they capitalised on competitive prices offered, trade sources said on Friday.

Corn and soybean markets were also capped by weekly export sales for the 2014/15 season that were below expectations.

Commodity funds on Thursday sold an estimated net 7,000 corn contracts, 5,000 soybean contracts and 2,000 wheat contracts, trade sources said.

* Prices as of 1244 GMT

Product Last Change Pct Move CBOT wheat 609.75 4.00 +0.66 CBOT corn 450.00 1.00 +0.22 CBOT soy 1462.25 1.75 +0.12 Paris wheat 192.25 1.25 +0.65 Paris maize 178.00 0.25 +0.14 Paris rape 346.00 0.25 +0.07 WTI crude oil 102.89 +0.41 +0.40 * CBOT futures prices are in cents per bushel, Paris futures in

euros per tonne, WTI crude oil in dollars per barrel.

(Reporting by Gus Trompiz and Naveen Thukral; Editing by Joseph Radford and Dale Hudson)