* Soybeans drop after 3 session of rally as global markets side
* Chicago wheat futures down 1%, fall for 2nd session, corn eases
SINGAPORE, Jan 6 (Reuters) - Chicago soybean futures fell 1.6% on Thursday, easing for the first time in four sessions amid a broad-based decline in markets, although concerns over adverse weather in South America capped losses.
Wheat lost ground for a second session, while corn dropped nearly 1%.
Asian shares fell in early trade, extending a global slump after Federal Reserve meeting minutes pointed to a faster-than-expected rise in U.S. interest rates due to concerns about persistent inflation.
The most-active soybean contract on the Chicago Board of Trade (CBOT) dropped 1.6% to $13.72-3/4 a bushel, as of 0320 GMT. The market climbed to its highest since late July on Wednesday.
Corn fell 0.9% to $5.96-3/4 a bushel and wheat slid 1.1% to $7.52-3/4 a bushel.
The decline in agricultural markets was limited by concerns over extreme weather in South America.
A hot and dry spell in Argentina and southern Brazil has shifted attention back to potential yield losses for soybean and corn crops in the major exporting countries.
Weather in Argentina has changed drastically since mid-December, with dryness threatening corn crops as they enter critical development stages, analysts said.
South American supply prospects will be a focus for grain markets in a monthly world crop report from the U.S. Department of Agriculture (USDA) due on Jan. 12.
Brazil's soybean exports are expected to reach 3.375 million tonnes in January, while corn exports will likely reach 2.59 million tonnes, according to agricultural association ANEC.
Commodity funds were net buyers of CBOT soyoil and soybean futures contracts on Wednesday and net sellers of corn, wheat and soymeal, traders said. (Reporting by Naveen Thukral; editing by Uttaresh.V and Rashmi Aich)
