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GRAINS-Soybeans at 4-year high as demand, dry Brazil weather support prices

* Soybeans climb to highest since July 2016, up for 3rd session

* Corn firms, wheat up 0.9% after closing marginally lower (Adds quote in paragraph 3, updates prices)

SINGAPORE, Nov 5 (Reuters) - Chicago soybean futures jumped to their highest in more than four years on Thursday, rising for a third consecutive session, as dry weather in parts of South America and strong demand from the world’s biggest importer China supported prices.

Corn gained more ground, while wheat rose after closing marginally lower in the previous session.

“China is actively buying beans and we are seeing additional demand emerge from Brazil,” said one Singapore-based trader. “The weather is not perfect for Brazil and the crop is likely to get delayed due to the dry weather.”

The most-active soybean contract on the Chicago Board of Trade was up 0.7% at $10.94 a bushel, as of 0306 GMT, after climbing to its highest since July 2016 at $10.95 a bushel earlier in the session.

Corn added 0.6% to $4.07-1/2 a bushel and wheat was up 0.9% at $6.11-1/2 a bushel.

Parts of Brazil’s soybean-growing areas have received rains this week, but other areas need moisture, and a La Nina weather pattern remains a risk for crops across South America.

Traders also have begun looking ahead to the U.S. Department of Agriculture’s (USDA) Nov. 10 supply/demand reports, which some analysts expect to show scaled-back U.S. soybean yields and increased export forecasts.

U.S. corn ending stocks, currently projected by the USDA at more than 2.1 billion bushels, could also decline due to brisk demand, analysts say.

“China’s strong return to the U.S. soybean market in recent months has single-handedly lifted U.S. farm exports to the Asian country to new records, and the heavy forward shipping schedule bodes well for the promises outlined in the Phase 1 trade agreement between the two countries,” Karen Braun, a market analyst for Reuters, wrote in a column.

Most of Ukraine’s winter grain crops sown for the 2021 harvest are in good and satisfactory condition, analyst APK-Inform said on Wednesday, citing weather forecasters.

Commodity funds were net buyers of CBOT soybeans, corn, soymeal and soyoil futures contracts on Wednesday, and net sellers of CBOT wheat futures contracts, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich and Sherry Jacob-Phillips)

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