Wheat set for biggest weekly gain in one month on supply woes

SINGAPORE, May 24 (Reuters) - Chicago wheat gained more ground on Friday, with the market poised for its biggest weekly rise in a month as concerns over crop losses in the Black Sea region and other exporting countries supported prices.

Corn firmed while soybeans edged lower.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.4% to $7.01 a bushel, as of 0036 GMT, taking the weekly rise in prices to 7.6%.

* Corn added 0.3% to $4.65-1/4 a bushel and soybeans fell 0.1% to $12.38-1/4 a bushel. For the week, corn has risen 2.7% while soybeans are up marginally.

* Lower forecasts for Russia's wheat production have fuelled a rally in the wheat market, which jumped to its highest in 10 months this week. There are worries over adverse weather in other major producers like Ukraine, Australia, France and Germany.

* The International Grains Council cut its forecast for 2024/25 global wheat production on Thursday, with the outlook for key Black Sea producers Russia and Ukraine downgraded.

* The inter-governmental body, in its monthly update, trimmed its 2024/25 world wheat crop outlook by 3 million metric tons to 795 million tons.

* Germany's wheat crop will shrink by 5.6% this year to 20.31 million metric tons, the country's association of farm cooperatives said in its latest harvest estimate on Thursday, continuing forecasts of reduced crops.

* Corn futures were supported by doubts over South American production.

* Soybean farmers in Brazil's southernmost state, where rain and flooding have disrupted field work for weeks, have now harvested 91% of their soy area, up from 85% last week, crop agency Emater said on Thursday.

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

MARKET NEWS

* U.S. stocks ended sharply lower on Thursday as enthusiasm over Nvidia's quarterly results faded and robust economic data fuelled concerns over tighter-for-longer monetary policy.

DATA/EVENTS (GMT) 0600 Germany GDP Detailed QQ SA, YY NSA Q1 0600 UK Retail Sales MM, YY April 0600 UK Retail Sales Ex-Fuel MM April 0645 France Business Climate Mfg, Overall May 1230 US Durable Goods April 1400 US U Mich Sentiment Final May G7 Finance Ministers and Central Bank Governors meet in Stresa, Italy, to debate global economic development (Reporting by Naveen Thukral; Editing by Mrigank Dhaniwala)