CANBERRA, Feb 14 (Reuters) - Chicago soybean futures fell to a three-year low on Wednesday due to plentiful supply and a strengthening U.S. dollar that made U.S. grains less attractive to importers.

Corn futures also edged lower with the market well supplied, while wheat slipped amid pressure from declining Russian grain prices.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.7% at $11.78-1/4 a bushel, as of 0122 GMT, after touching $11.77, the lowest since December 2020.

* CBOT corn fell 0.3% to $4.29-1/2 a bushel, trading close to a three-year low of $4.28 reached on Monday and last Friday.

* Wheat dipped 0.4% to $5.95-1/4 a bushel, some distance above last September's three-year low of $5.40.

* The U.S. dollar strengthened sharply on Tuesday, rising to a three-month high against a basket of major currencies, after data showed higher-than-expected U.S. inflation in January.

* Cheap and plentiful Brazilian soybeans and Russian wheat were already pushing down U.S. exports and pressuring prices. The corn market is also well supplied after a record U.S. harvest.

* Commodity funds -- who hold large net short positions in U.S. grain futures -- were net buyers of Chicago corn but net sellers of soybeans and wheat on Tuesday, traders said.

* Analysts expect the U.S. soybean crush to have slowed in January as frigid weather disrupted operations at processing plants, reducing local demand.

* A drop in crop prices and rising production costs are set to slash U.S. net farm income this year.

* France's farm ministry reduced its estimates of winter grain sowing, with the soft wheat area seen at its second lowest in 30 years, after heavy rain disrupted field work.

* Farmers in Ukraine, a major global corn grower and exporter, are expected to reduce the area sown with corn by 9% year-on-year in 2024, an agriculture ministry survey showed.

* Ukraine is on track to export all grain from its 2023 harvest despite Russian attacks on Ukrainian ports and infrastructure, Britain's foreign office said.

MARKETS NEWS

* Global stock market indexes dropped, the 10-year U.S. Treasury yield hit a 2-1/2-month high and the dollar strengthened on Tuesday after data showed U.S. inflation slowed less than expected in January.

(Reporting by Peter Hobson; Editing by Subhranshu Sahu)