* Hefty global supplies weigh on corn futures

* Soybean futures turn lower, following soymeal

* Wheat futures weighed by falling Russian prices

(New throughout, updates prices, market activity and comments, adds bullets, new byline, changes dateline, previous PARIS/CANBERRA)

CHICAGO, Feb 13 (Reuters) - Chicago Board of Trade (CBOT) corn futures hovered near three-year lows on Tuesday as ample global supplies, improving South American crop prospects, and intense export competition weighed over the market.

Soybean futures turned lower, following soymeal futures, as improving weather in Argentina has alleviated some soy crush market concerns, traders said.

And while the nearby CBOT March wheat futures inched on some bargain buying, traders said deferred contracts were dragged lower by declining Russian grain prices.

Grain and soybean futures also faced pressure from the strength of the U.S. dollar which hit three-month peaks on Tuesday after data showed U.S. inflation slowed less than expected in January.

A stronger U.S. dollar tends to make U.S. grains less attractive on the world export market amid strong global competition.

"Right now, the path to least resistance is down," said Susan Stroud, an analyst with the No Bull newsletter and commodity advisory service.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.63% at $11.85-1/2 a bushel by 1750 GMT, while CBOT corn remained unchanged at $4.30-1/2 a bushel. CBOT wheat was up 0.25% at $5.99 a bushel.

The U.S. soybean crush slowed in January from the prior month's record as frigid weather disrupted operations at several processing plants, analysts said ahead of a National Oilseed Processors Association (NOPA) report due Thursday.

Grain participants are shifting their focus towards U.S. planting forecasts expected later this week at a U.S. Department of Agriculture (USDA) conference.

The allocation of U.S. acres between corn and soybeans this spring could give a further steer to grain markets, which have been battered by harvest prospects in South America.

But market analysts said that, on a fundamental level, the numbers are expected only to nudge markets one way or another. The reason: Market participants are prepared to see hefty numbers. (Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Rashmi Aich, Barbara Lewis and Tasim Zahid)