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* Forecasts of rains in Brazil seen weighing on soybeans, corn

* Wheat eases after rally, strong demand seen supporting prices

SINGAPORE, Dec 3 (Reuters) - Chicago soybean futures rose on Thursday, rebounding from a more than two-week low hit in the previous session, although gains were checked by forecasts of rains in dry areas of top producer Brazil.

Wheat ticked lower after rallying in the last session, while corn prices were little changed.

"Rains have eased some concerns for soybeans and corn crops in Brazil and more are forecast," said one Singapore-based trader. "For wheat, there is good demand at current prices and farmers are happy sellers at these levels."

Prices of key varieties of Australian wheat being offered in Asia were largely unchanged even though the country lifted its production estimate with strong demand underpinning the market.

The most-active soybean contract on the Chicago Board Of Trade added 0.4% at $11.57-1/4 a bushel by 0324 GMT, having closed down 0.8% on Wednesday, when prices hit a Nov. 13 low of $11.42-1/2 a bushel.

Corn was unmoved at $4.23-3/4, having gained 0.7% in the previous session, and wheat fell 0.1% to $5.88 a bushel, having closed up 1.9% on Wednesday.

Soybean prices have been under pressure on forecasts of an improvement in crop weather in portions of Brazil.

"The increased rainfall across most of Brazil over the next week will begin to reduce stress on the corn and soybean crops. Follow-up rains will be needed to completely end the dryness," Kyle Tapley, a meteorologist with space technology company Maxar, wrote in a client note.

Commodity funds hold a large net long position in CBOT soybean futures, leaving the market vulnerable to bouts of long liquidation. So far in 2020, benchmark soybean futures are up about 21%.

Forecasters Datagro and StoneX on Tuesday raised their estimates for Brazil's 2020/21 soybean crop to 134.98 million tonnes and 133.9 million tonnes, respectively.

Commodity funds were net buyers of CBOT corn and wheat futures contracts on Wednesday and net sellers of soybean, soymeal and soyoil futures contracts, traders said. (Reporting by Naveen Thukral; Editing by Ramakrishnan M.)