* Wheat gains more ground on worries over shrinking supplies
* Soybeans down for 3rd session on South American output forecast
SINGAPORE, Dec 8 (Reuters) - Chicago wheat futures rose for a third consecutive session on Wednesday as tightening global supplies underpinned the market.
Soybeans lost ground as crop prospects brightened in South America, fuelling expectations for bumper world supplies.
"There are quality issues with Australian wheat and supplies are tight in the Black Sea region," said one Singapore-based trader. "Suppliers are looking at bringing Argentine wheat into the Middle East and Asia."
The most-active wheat contract on the Chicago Board Of Trade (CBOT) added 0.1% at $8.09-1/4 a bushel.
Soybeans were down 0.1% at $12.49-1/4 a bushel and corn lost 0.3% to $5.84-1/2 a bushel.
Soybeans are under pressure as forecasts for improving crop weather in Brazil and Argentina weighed on the market.
Brazil is expected to export 2.579 million tonnes of soybeans in December, up from 161,024 tonnes a year earlier, according to industry group Anec. The United States typically dominates the soybean export market during December.
The market is also watching to see if the U.S. Department of Agriculture will adjust its outlook for Chinese import demand in its monthly world supply-and-demand estimates due on Thursday.
Commodity funds were net buyers of CBOT wheat and corn futures contracts on Tuesday, traders said. They were net sellers of soybeans, soymeal and soyoil futures. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
