* CBOT soy edges higher after two-day slide

* Beneficial rains expected in Brazil late next week

* US reports another daily soybean export sale

CHICAGO, Dec 14 (Reuters) - U.S. soybean futures stabilized on Thursday after a two-day slide as traders monitored forecasts for beneficial rains in dry South American growing areas.

Wheat futures rose slightly, while corn was near unchanged.

Rains are expected to benefit most of Argentina's corn and soybean crops this week, while some much-needed showers will arrive in the northern third of Brazil's crop areas late next week, forecaster Commodity Weather Group said.

Traders are waiting to see whether the rains materialize, as Brazilian soybean production estimates have already declined due to heat and dryness in northern and central regions.

"We're basically on hold right now," said Rich Nelson, chief strategist for Allendale.

The most-active soybean contract on the Chicago Board of Trade (CBOT) advanced 3-1/4 cents to $13.10-3/4 a bushel as of 10:40 a.m. CST (1640 GMT). CBOT wheat was 4-3/4 cents stronger at $6.10 a bushel, while corn rose 1/4 cent to $4.79-3/4 a bushel.

"We will continue to trade on the weather pendulum in Brazil," said Nick Paumen, commodity broker for CHS Hedging.

Traders are also waiting for a monthly National Oilseed Processors Association (NOPA) report due on Friday.

The U.S. soybean crush likely set a November record but slowed from an all-time high in October, while soyoil stocks were estimated to have risen for the first time in seven months, analysts said.

The U.S. Department of Agriculture on Thursday said in a daily reporting system that exporters sold 400,000 metric tons of U.S. soybeans to unknown destinations for delivery in the marketing year that began Sept. 1. It was the seventh consecutive session in which the USDA made a daily soybean sales announcement.

The USDA separately reported that export sales of U.S. soybeans in the week ended Dec. 7 were 1 million metric tons, toward the low end of analysts' estimates. Weekly U.S. corn and wheat export sales were in line with expectations.

(Reporting by Tom Polansek in Chicago; Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Subhranshu Sahu, Mrigank Dhaniwala and Mark Porter)