GRAINS-Wheat rises for second successive session on Black Sea, China supply woes

SINGAPORE, June 5 (Reuters) - Chicago wheat futures rose on Thursday, supported by the escalating conflict between major grain suppliers Russia and Ukraine, as well as dry weather threatening yields in top consumer China.

Corn prices firmed, but soybeans edged lower.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.3% to $5.45 a bushel, as of 0059 GMT. Corn Cv1 added 0.2% to $4.39-3/4 a bushel, while soybeans Sv1 gave up 0.1% to $10.44-1/2 a bushel.

* Parts of China's wheat belt in Shaanxi and Henan provinces have been hit hard by hot and dry weather, with near-record temperatures threatening to reduce yields.

* Ukraine has stepped up attacks on Russian targets, prompting Russian President Vladimir Putin to tell the U.S. President Donald Trump in a telephone conversation that Moscow would have to respond, escalating worries over grain supplies.

* Ukrainian corn exports are set to fall to 1 million metric tons in June from 2 million tons in May, as Ukraine-origin corn is uncompetitive compared to its American equivalent, producers' union UAC said on Wednesday.

* Corn and soybeans prices are being capped by favourable weather in the U.S. Midwest, where farmers are wrapping up their planting.

* Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Wednesday and small net sellers of soyoil futures. COMFUND/CBT

MARKET NEWS

* Wall Street wavered and U.S. Treasury yields dropped on Wednesday as investors monitored U.S. trade negotiations and looked ahead to Friday's critical employment report. MKTS/GLOB

DATA/EVENTS (GMT)

0145 China Caixin Services PMI May

0600 Germany Industrial Orders MM Apr

0600 Germany Mfg O/P Cur Price, Consumer Goods SA Apr

0830 US S&P GLOBAL PMI: MSC COMPOSITE - OUTPUT May

1215 EU ECB Refinancing, Deposit Rate Jun

1230 US International Trade $ Apr

1230 US Initial Jobless Clm Weekly