SINGAPORE, June 8 (Reuters) - Chicago corn futures slid more than 1% on Thursday and soybeans fell for the first time in three sessions, as forecasts of rains in the U.S. Midwest eased concerns over dry weather.
Wheat lost more ground, trading near a one-week low, as a lack of demand for U.S. supplies pressured prices.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) fell 1.1% to $5.97-3/4 a bushel, as of 0031 GMT, and soybeans lost 0.4% to $13.55-3/4 a bushel. Wheat gave up 0.3% to $6.15 a bushel.
* Expectations of wet weather in parts of the U.S. Midwest are weighing on corn and soybean prices.
* Traders in the agricultural markets are taking positions ahead of the U.S. Department of Agriculture's closely watched World Agricultural Supply and Demand Estimates report on Friday.
* Losses in the soybean market were limited by strong Chinese demand.
* China imported a record 12.02 million metric tons of soybeans in May, up 24% from a year ago, customs data showed, as cargoes delayed during recent strict inspections were finally unloaded at ports.
* The imports by the world's top soybean buyer were up from April's 7.26 million metric tons, which were far short of expected arrivals.
* Commodity funds were net sellers of CBOT corn, wheat and soyoil contracts on Wednesday, traders said. The funds were net buyers of CBOT soybeans and soymeal futures.
MARKET NEWS
* Global stocks retreated from a 13-month high on Wednesday and the U.S. dollar drifted lower as attention turned towards next week's pivotal inflation data and Federal Reserve meeting, where chances of a rate hike continued to ebb.
DATA/EVENTS (GMT) 0130 Australia Trade Balance G&S April 0900 EU GDP Revised YY Q1 1230 US Initial Jobless Clm Weekly 1600 US Federal Reserve issues quarterly financial accounts of the United States (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
