* CBOT soybeans down for four of five sessions
* Brazil rain forecasts weigh on soy futures
* Wheat rises from one-month low below $6 a bushel
CHICAGO, Jan 4 (Reuters) - Chicago Board of Trade soybean futures extended recent losses on Thursday as the market remained under pressure from rains in dry areas of Brazil and expectations for more beneficial showers.
CBOT wheat futures rebounded from a one-month low below $6 a bushel, while corn stabilized after setting a contract low on Wednesday.
Better Brazilian weather reduced concerns about crop losses in the world's biggest soybean exporter.
"Improving Brazil conditions have been weighing on prices all week, and the recent rains for the dry areas should temper any additional yield damage," said Terry Reilly, senior agricultural strategist for Marex.
March soybean futures settled down 9-1/2 cents at $12.67-1/2 a bushel after the contract touched its lowest price since June 28 at $12.65. It has tumbled 7% since December.
Stabilizing crop yields in South America could prevent buyers on the world market from shifting export business to the U.S. from Brazil, analysts said.
"Brazil's weather has improved and the market knows they will get a crop to export," said Nick Paumen, commodity broker for CHS Hedging. "We just don't know how much."
CBOT March corn rose 1-1/4 cents to end at $4.66-1/2 per bushel. March soft red winter wheat settled up 13-1/4 cents at $6.13-1/2 per bushel after earlier sinking to its lowest price since Dec. 1.
Short covering, along with chatter about potential Chinese interest in buying U.S. soft red winter wheat, helped the wheat market rally, analysts said.
On Friday, the U.S. Department of Agriculture is slated to issue U.S. grain and soybean export sales data for the week ended Dec. 28. Traders are also waiting for the USDA to issue quarterly U.S. grain stocks and monthly supply/demand reports on Jan. 12.
In other news, the U.S. Energy Information Administration said weekly production of corn-based ethanol fell in the latest week to 1.049 million barrels per day, retreating from a two-year high. Stockpiles rose to 23.579 million barrels, the most since April. (Reporting by Tom Polansek in Chicago. Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Sherry Jacob-Phillips, Barbara Lewis and Sandra Maler)
