* Corn contracts hit new lows

* Soy falls on weak demand, beneficial U.S. weather

* Wheat futures dip lower as U.S. harvest advances

CHICAGO, July 10 (Reuters) - Chicago Board of Trade soybean futures fell to a 2020 low on Wednesday, while corn hovered near a four-year low as favourable U.S. crop conditions kept a lid on prices.

Multiple soybean and corn contracts hit lifetime lows as traders see U.S. weather forecasts as posing limited threats to crops during the summer growing period.

Traders expect the U.S. Department of Agriculture will increase its ending stocks and production estimates for U.S. corn in a monthly supply/demand report on Friday.

"Supply pressure continues to weigh heavily on the prices," said Mark Soderberg, analyst at ADM Investor Services.

The most-active soybean contract fell 3-1/4 cents to $10.76-3/4, hitting its lowest point since Nov. 4, 2020, by 10:55 a.m. CDT (1555 GMT).

The most-active corn contract was last down 1/2 cent at $4.08 a bushel. September and March corn futures hit life-of-contract lows.

CBOT wheat fell 7-3/4 cents to $5.64 a bushel.

Soy continued to slide as traders remained concerned about weak U.S. export demand, though the U.S. Department of Agriculture confirmed private sales of 132,000 metric tons of soybeans to China for 2024/2025 delivery.

"The market seems disappointed with that sale," Soderberg said. "All Chinese demand has gone to Brazil, and Chinese demand is lower."

Traders will eye USDA's updated estimates for South American production in its Friday report, a day after Brazilian agency Conab is due to release its monthly national crop forecasts.

In wheat, the brisk U.S. harvest and improving crop prospects in Russia have created supply pressure, offsetting concerns about a sharp decline for France's crop, analysts said.

Falling Russian prices have underscored export competition in wheat, while news that India is to sell wheat from its reserves tempered talk that the country may shortly turn to imports, traders said. (Reporting by Heather Schlitz. Additional reporting by Gus Trompiz in Paris and Bernadette Christina in Indonesia; Editing by Mrigank Dhaniwala and Arun Koyyur)