GRAINS-Chicago wheat set for first weekly gain in four on strong demand

BEIJING, May 16 (Reuters) - Chicago wheat futures edged higher on Friday, poised for their first weekly gain in four weeks, as low prices sparked renewed demand for U.S. wheat.

Soybean futures are also on track for a weekly climb, supported by a temporary tariff pause between Beijing and Washington that sparked hopes for increased Chinese demand for U.S. farm goods. Corn futures rose as well.

FUNDAMENTALS

* The most-active CBOT wheat contract Wv1 was up nearly 0.1% at $5.33 a bushel, as of 0125 GMT, and set to recover for the week. Wheat prices had hovered near their lifetime lows.

* Soybean contract Sv1 climbed 0.36% to $10.55 a bushel, and poised to recoup from two consecutive weekly losses. Corn Cv1 gained 0.45% to $4.50-4/8 per bushel.

* Cheap wheat prices have spurred global buying interest. Export sales of wheat in the week ended May 8 totalled 804,800 metric tons, according to the U.S. Department of Agriculture, on the higher end of analyst expectations.

* Saudi Arabia has issued a tender to buy 655,000 metric tons of wheat for August-October shipment period, the General Food Security Authority said on Thursday.

* Crop scouts on the Wheat Quality Council tour estimated on Thursday the wheat yield potential in Kansas at 53.0 bushels per acre, the highest levels since 2021.

* Optimism over a temporary U.S.-China trade truce has lifted soybean prices, though uncertainty lingers as negotiations continue.

* Weekly export sales of corn totalled 2,186,100 metric tons for the week ended May 8, above a range of analysts' expectations, according to USDA.

* Brazil's second-corn farmers are poised to increase production by 11% this year to an estimated 99.8 million metric tons, national crop agency Conab said on Thursday, citing good weather in key growing regions.

* Commodity funds were net sellers of Chicago Board of Trade soybean, soyoil, soymeal and corn futures contracts on Thursday, traders said. They were net buyers of wheat futures, traders said. COMFUND/CBT

MARKET NEWS

* The U.S. dollar slipped on Thursday after a flurry of economic data, including a gauge of consumer health that showed retail spending slowed in April as an uncertain economic outlook weighed on sentiment.MKTS/GLOB

DATA/EVENTS (GMT)

0900 EU Total Trade Balance SA March

1230 US Housing Starts Number, Import Prices YY April

1400 US U Mich Sentiment Prelim May