* Soybeans down for four of five sessions on supply prospects
* Forecasts of rains in Brazil's dry areas weigh on CBOT futures
SINGAPORE, Jan 4 (Reuters) - Chicago soybean futures slid on Thursday, with the market dropping for four of five sessions as beneficial rains in top exporter Brazil weighed on prices.
Wheat rose for the first time in four sessions, while corn prices eased.
"There are rains in Brazil which have improved crop prospects," said one Singapore-based trader. "Overall, we don't see any major supply issue from South America this year."
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2% at 12.74-3/4 a bushel, as of 0310 GMT, after dropping to its lowest since October on Wednesday.
Wheat gained 0.4% at $6.02-3/4 a bushel, while corn dipped 0.1% to $4.65 a bushel.
Rains are likely to benefit crops in northern Brazil this week, forecasters said, after hot, dry weather prompted analysts to slash production estimates.
Brazil is the world's top soybean exporter and competes with the U.S. for business in the global market.
Higher supplies from other South American producers such as Argentina are also likely to offset any crop losses in Brazil.
Commodity funds were net buyers of CBOT corn, soybean, soymeal and soyoil futures contracts on Wednesday, traders said. They were net sellers of CBOT wheat futures.
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
