Oct 27 (Reuters) - Chicago wheat futures lost more ground on Friday, declining for a third consecutive session, with the market facing pressure from ample supplies and profit-taking following a rally earlier in the week. Soybeans were little changed with strong demand underpinning the oilseed market, while corn edged lower.
* Chicago wheat is being weighed down by record supplies flowing from the world's key exporting countries, including Russia.
* The International Grains Council lifted its forecast for 2017/18 world grain production on Thursday, mostly reflecting improved prospects for the U.S. corn crop.
* The inter-governmental body, in a monthly report published on Thursday, forecast total grain production at 2.075 billion tonnes, up 6 million tonnes from its previous forecast.
* For the week, wheat is up little over 1 percent, ending four weeks of decline, while corn has gained 1.5 percent following a fall of more than 2 percent last week and soybeans are down 0.7 percent, falling for a second week.
* Ample supplies from the U.S. harvest as well as easing concerns about weather in South America are keeping a bearish tone hanging over corn and soybeans.
* Strong demand for soybeans limited losses. The U.S. Agriculture Department on Thursday morning reported weekly soybean export sales of 2.13 million tonnes, topping forecasts that ranged from 1.3 million to 1.7 million tonnes.
* Wheat export sales were 390,600 tonnes, compared with forecasts that ranged from 250,000 tonnes to 450,000 tonnes. Corn export sales of 1.39 million tonnes were above trade estimates that ranged from 800,000 tonnes to 1.0 million tonnes.
* In Argentina, soy planting began over the last two weeks while flooding contributed to a 5.7 percent contraction in projected area for the 2017/18 season compared with the previous crop year, the Buenos Aires Grains Exchange said on Thursday.
* In its weekly crop report, the exchange said 1.8 percent of the expected 18.1 million hectares to be sown with soybeans this year had been planted. Sixty percent of planting as of Thursday had been concentrated in the north and south of the country's farm region, it said.
* Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soybean and soymeal contracts and net buyers of soyoil on Thursday, traders said.
* Asian shares gained on Friday as technology shares were boosted by upbeat earnings from U.S. hi-tech giants while the euro hovered near three-month low against the dollar after the European Central Bank extended its stimulus.
Grains prices at 0108 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.25 -1.50 -0.35% -1.21% 441.22 42 CBOT corn 349.75 -0.75 -0.21% -0.36% 350.48 47 CBOT soy 971.75 0.50 +0.05% -0.38% 972.93 40 CBOT rice 11.82 $0.03 +0.25% +1.29% $12.08 27 WTI crude 52.69 $0.05 +0.09% +0.98% $51.19 68
Euro/dlr $1.163 -$0.002 -0.21% -1.58% USD/AUD 0.7640 -0.002 -0.26% -0.82%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)