SINGAPORE, Jan 4 (Reuters) - Chicago soybean futures climbed on Thursday, as the market recovered from previous session's multi-month lows on bargain-buying, although beneficial rains in Brazil capped gains.

Wheat rose for the first time in four sessions, while corn prices ticked higher.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at 12.79-1/4 a bushel, as of 0117 GMT, after dropping to its lowest since October on Wednesday.

* Wheat gained 0.6% at $6.03-3/4 a bushel and corn rose 0.1% to $4.65-1/2 a bushel.

* Rains are likely to benefit crops in northern Brazil this week, forecasters said, after hot, dry weather prompted analysts to slash production estimates.

* Brazil is the world's top soybean exporter and competes with the U.S. for business in the global market.

* Higher supplies from other South American producers such as Argentina are also likely to offset any crop losses in Brazil.

* Commodity funds were net buyers of CBOT corn, soybean, soymeal and soyoil futures contracts on Wednesday, traders said. They were net sellers of CBOT wheat futures.

MARKET NEWS

* The dollar rebounded further from last year's sell-off and global stock markets extended a New Year slide on Wednesday as doubts about the chances of a soft landing mounted even as the Federal Reserve almost declared victory in taming inflation.

DATA/EVENTS (GMT) 0145 China Caixin Services PMI Dec 0745 France CPI (EU Norm) Prelim YY Dec 0850 France S&P Global Serv PMI Dec 0850 France HCOB Composite PMI Dec 0855 Germany HCOB Services PMI Dec 0855 Germany HCOB Composite Final PMI Dec 0900 EU HCOB Services Final PMI Dec 0900 EU S&P Global Comp Final PMI Dec 0900 Germany Overall Comprehensive Risk Q1 0900 France Overall Comprehensive Risk Q1 0900 UK Overall Comprehensive Risk Q1 0930 UK Composite Final PMI Dec 0930 UK Reserve Assets Total Dec 1300 Germany CPI, HICP Prelim YY Dec 1330 US Initial Jobless Clm Weekly 1445 US S&P Global Comp, Svcs Final PMIs Dec (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)