* Bullish fundamentals likely to keep floor under grain prices
* Wheat, corn down for a fourth consecutive session (Recasts with move corn prices, adds quote in paragraphs 3-4)
By Naveen Thukral
SINGAPORE, March 2 (Reuters) - Chicago corn slid for a fourth consecutive session on Tuesday and hit its lowest in more than two weeks on fund selling, although tightening world supply is likely to curb losses.
Wheat and soybeans lost about half a percent each, down for a fourth straight session.
"Our prime candidate for the move lower is investors re-balancing portfolios," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
"The background fundamentals though are supportive, if not better. Argentina's major corn crop regions are increasingly likely to experience a period of hot and dry weather. And that weather might prove to be enough for forecasters to reduce their crop estimates."
The most-active corn contract on the Chicago Board Of Trade (CBOT) dropped 1.1% to $5.32-1/2 a bushel by 0343 GMT, not far from the session low of $5.32 a bushel, the weakest since Feb. 11.
Wheat fell 0.6% to $6.46-1/4 a bushel and soybeans were down 0.5% to $13.84-3/4 a bushel.
Commodity funds were net sellers of CBOT wheat, corn, soybean, soyoil and soymeal futures contracts on Monday, traders said.
Strong demand continues to underpin agricultural commodities.
The U.S. Department of Agriculture said 197 million bushels of U.S. soybeans were crushed in January, above expectations for 195.6 million bushels.
In Brazil, farmers are expected to harvest 133.5 million tonnes of soybeans for 2020/21, up from a previous estimate of 132.8 million, according to broker StoneX.
Consultancy Sovecon raised its forecast for Russia's 2020/21 wheat exports by 1.2 million tonnes to 39.1 million tonnes. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
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GRAINS-Corn drops 1% on fund selling, wheat falls to 2-week low - Successful Farming
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