* Corn, soybean and wheat futures dip on technical trading
* Traders await Thursday's USDA export sales report
* Hefty global supplies weigh on wheat futures
CHICAGO March 13 (Reuters) - Chicago Board of Trade (CBOT) corn and soybean futures eased on Wednesday in technical selling and profit-taking after both hit one-month highs in recent days, as traders awaited news from Thursday's U.S. Department of Agriculture's export sales report.
Corn futures also faced pressure from reports of hot, dry weather in Brazil that could deplete the country's second corn crop, and Brazilian crop agency CONAB lowered its projections, traders said.
Wheat futures drifted lower on hefty global supplies and spillover weakness in the corn and soybean markets, analysts said.
"We’re just hopping back and forth and looking for direction," said Jack Scoville, vice president of the Price Futures Group.
Most-active CBOT corn was down 1 cent at $4.40-3/4 a bushel as of 1600 GMT, while wheat was down 3 cents at $5.44-1/2 a bushel after reaching a one-week high on Tuesday.
CBOT soybean was down 5 cents at $11.90-1/2 a bushel.
Soybeans, like corn and wheat, have set three-year lows in the last month, pressured by projections of large South American production and doubts over Chinese demand.
Short positions held by investors have made grains prone to waves of short-covering. And a heat wave in central Brazil is also creating concern about the crucial second corn crop, though weather charts showed greater chances of rainfall next week.
Brazilian soy supplies remain plentiful after a record harvest last year, while bumper crops expected in Argentina were also creating supply pressure, though heavy rain could leave fields too wet for harvesting in some areas.
A fall in Russian wheat export prices and hefty global supplies continue to pressure wheat futures and reduce the competitiveness of U.S. wheat on the global market.
U.S. exporters cancelled sales of more than 504,000 tons of wheat destined for China in the past week. (Reporting by Heather Schlitz. Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Sherry Jacob-Phillips, Sohini Goswami, Jane Merriman and Barbara Lewis)
