GRAINS-Soybeans ease after rally, supply fears keep prices near 4-year peak

* Soybeans dip after rising for 3 days to highest since June 2016

* Strong demand, dry South American weather raise supply concerns (Adds fund buying details, quote; paragraphs 3-4)

SINGAPORE, Nov 18 (Reuters) - Chicago soybeans slid on Wednesday after climbing for three sessions to hit their highest in four years as dry weather in South America and robust Chinese demand stoke supply concerns.

Wheat fell for a second straight session, while corn lost ground.

“South American crop weather concerns remain a very important issue for the feed grain market,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

He said forecasts are not evolving much for now with some rains helpful but gaps and evaporation are keeping the issue alive.

The most-active soybean contract on the Chicago Board Of Trade lost 0.1% to $11.68-3/4 a bushel by 0310 GMT, having firmed 1.4% on Tuesday to the highest since June 2016.

Wheat fell 0.4% to $5.92-3/4 a bushel, having closed down 0.5% on Tuesday, and corn gave up 0.1% to $4.26-1/4 a bushel, having gained 1% in the previous session.

Soybeans were supported by strong U.S. and Chinese demand.

U.S. farmers sold freshly harvested soybeans directly off their combines for a profit as prices rose to a four-year high this autumn, a welcome change from the losses suffered during the U.S.-China trade war.

The National Oilseed Processors Association on Monday reported a record-large U.S. soybean crush in October that topped all trade estimates.

Ukraine had harvested 58.3 million tonnes of grain from 14.4 million hectares, or 94% of the sown area, as of Nov. 16, Ukraine’s economy ministry said on Tuesday.

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