* Soybeans hit highest since Oct. 16, up for 3rd day
* Expectations of lower U.S. crop yields underpin soybeans
* China soybean imports also set to climb (Adds quotes, updates prices)
LONDON, Nov 2 (Reuters) - Chicago soybeans rose for a third consecutive session on Thursday with the market hitting its highest in more than two weeks as expectations of lower U.S. yields and rising demand from China supported the market.
U.S. wheat bounced back after declining for the last six sessions while corn prices also edged higher.
The Chicago Board Of Trade most-active soybean contract rose 0.3 percent to $9.94-1/2 a bushel by 1147 GMT, after climbing earlier in the session to its highest since Oct. 16 at $9.98 a bushel.
"Soybeans are holding very well as the USDA (U.S. Department of Agriculture) is expected to reduce yield estimate," said one India-based agricultural commodities analyst. "But U.S. exports have a lot to catch up and Brazilian weather has improved and we do not see any major issues with the Brazilian crop."
The USDA last month lowered its forecast for the U.S. 2017 soybean yield to 49.5 bushels per acre. Some expect the government to trim its estimate again in its next monthly supply and demand reports on Nov. 9.
Soybean prices were also supported by the prospect of rising demand from China.
Chinese imports of oilseeds are forecast to grow to a record 99.8 million tonnes in 2017/18, up 1.3 million tonnes from the prior season, according to a report issued by the USDA's attache in China.
"Soybean imports could increase from 93.5 million tonnes to 95 million while imports of other oilseeds slightly decline. This comes despite Chinese soybean production increasing 12 percent year-on-year to 14.4 million tonnes due to a 10.5 percent rise in acreage," ING said in a market note.
CBOT's most active wheat contract gained 0.9 percent to $4.21-3/4 a bushel, having given up 4.6 percent in the previous six sessions.
"Wheat prices are stabilizing after the significant decline observed in last days," analysts Agritel said, noting prices had fallen below production costs in many countries.
Agritel said the fall in prices should encourage buyers to increase purchases with the approach of winter generating climatic risks "even if by now there are no major worries."
December wheat futures in Paris rose 0.8 percent to 160.75 euros a tonne.
Chicago corn futures also rose with the most active contract up 0.4 percent at $3.49-3/4 a bushel. (Additional reporting by Naveen Thukral; Editing by Kenneth Maxwell and David Evans)