* Soybeans pressured by forecast of rains in Brazil

* US soy crush set monthly record in October

* Corn, wheat futures off more than 1%

(Recasts with U.S. trading, adds analyst comment, updates prices, changes byline, previous dateline PARIS/CANBERRA)

CHICAGO, Nov 15 (Reuters) - Chicago soybean futures inched down on Wednesday after rallying for the last several days to August highs, as Brazil's improving weather outlook overshadowed record U.S. soybean crushings last month.

Both corn and wheat futures ticked more than 1% lower in mid-session trading.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.32% at $13.85-1/4 a bushel by 1700 GMT. Earlier on Wednesday, it reached its highest since Aug. 30 at $13.98-1/2 a bushel, surpassing a 2-1/2 month peak struck on Tuesday.

"We're taking a little pause after the recent rally here," said Jack Scoville, market analyst at The Price Futures Group. "We're still very much paying attention to the weather situation in South America."

A heatwave in Brazil, the world's biggest soybean exporter, has amplified concerns about dry planting conditions for soybeans in northern and central regions. However, rain forecast for next week could bring relief and turn attention back to large global supplies of the oilseed, analysts said.

The showers are "not expected to be drought busters by any stretch of the imagination," Scoville said. "We'll probably be off to the races again once it's proven that it wasn't a big generalized soaking rainfall."

Brazilian weather outweighed data showing U.S. soybean processors crushed a record amount of soybeans in October, while end-of-month soyoil stocks fell to the lowest in almost nine years.

CBOT soyoil rose 0.69% to 52.32 cents per lb, while soymeal was off 1.35% at $467.2 per short ton.

Market participants were also monitoring the outcome of a highly anticipated meeting on Wednesday between U.S. President Joe Biden and Chinese counterpart Xi Jinping for further indications on agricultural trade. China is the world's top soybean importer.

CBOT corn was down 1.31% at $4.72 a bushel and CBOT wheat was 1.53% lower at $5.63-1/4 a bushel. (Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Richard Chang)