GRAINS-Wheat poised to end week lower on supply pressure
SINGAPORE, May 30 (Reuters) - Chicago wheat edged higher on Friday, with bargain-buying supporting prices, although the market is poised for a first weekly decline in three weeks on expectations of higher exports from Russia and improved yields in India.
Soybeans eased, while corn prices nudged higher, but both market were set for weekly losses on improved U.S. weather.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.4% at $5.36 a bushel, as of 0122 GMT, corn Cv1 added 0.2% to $4.47-3/4 a bushel and soybeans Sv1 lost 0.6% to $10.46 a bushel.
* For the week, wheat is down 1.2%, corn has given up 2.6% and soybeans have lost 1.4%.
* Agricultural consultancy Sovecon on Thursday raised its forecast for Russia's wheat exports for the 2025-2026 season by 1.1 million metric tons to 40.8 million tons, citing improved weather conditions for the harvest.
* India is likely to produce a record 117.5 million metric tons of wheat in the year ending June 2025, the farm ministry said, above its March forecast of 115.4 million tons, as higher prices prompted farmers to expand the area planted with high-yielding seed varieties.
* Wheat planting for the 2025/26 season started at a good pace in Argentina, supported by dry weather in the west and north of the country, the Buenos Aires Grains Exchange (BdeC) said on Thursday.
* Drier weather is expected across the central U.S. through the weekend, but widespread rain is forecast for the six to 10-day period, according to Commodity Weather Group, benefiting corn and soybeans.
* Commodity funds were net sellers of CBOT corn, soybean and soyoil futures contracts on Thursday, traders said. They were net buyers of soymeal and wheat futures contracts. COMFUND/CBT
MARKET NEWS
* Global stocks rose while the U.S. dollar weakened on Thursday as markets digested an ongoing court battle over President Donald Trump's so-called "Liberation Day" tariffs. MKTS/GLOB
DATA/EVENTS (GMT)
1200 Germany CPI, HICP Prelim YY May
1230 US Consumption, Adjusted MM April
1230 US Core PCE Price Index MM, YY April
1230 US PCE Price Index MM, YY April
1400 US U Mich Sentiment Final May
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