* Soybeans fall to weakest since April 2016, down for 3rd day
* Record South American production weighs on CBOT soybeans
(Adds details, quotes) SINGAPORE, May 30 (Reuters) - Chicago soybean futures lost more ground on Tuesday with the market dropping to a more than 13-month low as record supplies from South America added pressure. Corn and wheat edged lower after making strong gains in the previous session. The most-active soybean contract on the Chicago Board Of Trade fell 0.3 percent to $9.23-3/4 a bushel by 0209 GMT, near the session low of $9.23-1/4 a bushel - the lowest since April 2016. Soybeans closed down 1.4 percent on Friday. Corn lost 0.7 percent to $3.71-1/2 a bushel, having gained 1.4 percent in the previous session and wheat gave up 0.3 percent to $4.35 a bushel, having closed up 1.7 percent on Friday. "The market continues to succumb to bulging supply from the 2016 season," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The market is also worried by supply prospects for season 2017. Farmers in many places are switching to oilseeds." Record South American soybean production weighs on prices, with Brazilian farmers looking to accelerate sales after a drop in the local currency. U.S. farmers are actively planting soybeans and if the weather remains benign, it could further boost supplies and keep a lid on prices. Wheat has been drawing some support from recent wet weather across key growing regions, which may damage maturing crops although ample inventories from previous harvests are weighing on prices. Argentina expects a record 2017/18 wheat crop of about 20 million tonnes thanks to farmers' investment in more and better crop technology, the government's chief of agricultural estimates told Reuters on Monday, a forecast well above private estimates. Argentine wheat is planted mostly in May through July, with harvesting reaching into January. Still, Russian wheat export prices rose last week due to concerns that cold and rainy weather in May could hit the quality of the harvest and also due to a stronger rouble currency, analysts said on Monday. Farmers are becoming more concerned about the new harvest due to excessively wet and cold spring weather, Russian agricultural consultancy SovEcon said. Many farmers still expect a good crop but predict more modest quality. Commodity funds were net buyers of CBOT corn and wheat futures contracts on Friday and net sellers of soybeans, soymeal and soyoil contracts, traders said.
Grains prices at 0209 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 435.00 -3.25 -0.74% +0.99% 433.23 60 CBOT corn 371.50 -2.75 -0.73% +0.61% 369.58 54 CBOT soy 923.75 -2.75 -0.30% -1.68% 960.01 25 CBOT rice 10.91 -$0.06 -0.59% -0.18% $10.28 61 WTI crude 49.84 $0.04 +0.08% +1.92% $48.97 53
Euro/dlr $1.112 -$0.004 -0.37% -0.53% USD/AUD 0.7429 -0.001 -0.09% -0.23%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Gopakumar Warrier)