SINGAPORE, Jan 15 (Reuters) - Chicago corn futures rose for a fourth consecutive session on Friday and the market was poised for its biggest weekly gain since July as the U.S. government's forecast of tightening world supplies supported prices.
Soybeans are on track for a fifth week of gain while wheat is set to end the week on a positive note after last week's losses.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) is up 7.9% this week, its biggest weekly gain since early July. The market was trading up 0.2% at $5.35-1/2 a bushel as of 0116 GMT.
* Soybeans have added 4.1% this week while wheat has gained 5.5%.
* The U.S. Department of Agriculture (USDA) cut its estimate of 2020/21 U.S. corn production to below trade expectations and lowered its outlook for ending stocks.
* The International Grains Council on Thursday cut its forecast for record global grain production by 9 million tonnes to 2.21 billion tonnes in 2020/21 and also trimmed its projection for consumption during the season.
* In its monthly update, the inter-governmental body cut its forecast for corn by 13 million tonnes, partially offset by an increase in its outlook for wheat.
* Global consumption of grain in 2020/21 was lowered by 5 million tonnes to 2.216 billion tonnes but remained above the prior season's 2.192 billion.
* Gains in wheat stemmed from hope for a pickup in demand for U.S. supplies on the export market.
* Russia may continue taxing wheat exports in the new marketing season, which starts on July 1, Interfax news agency reported on Thursday, citing a letter from the agriculture ministry to the Russian Union of Grain Exporters.
* Russia, one of the world's largest wheat exporters, is trying to stabilise domestic food prices with the wheat export levy as well as a grain export quota and a series of other measures after President Vladimir Putin criticised the impact of excessive inflation.
* Argentine soybean and corn fields have benefited from recent rain, with more showers expected that could slowly improve crop yields after they were threatened by dry weather earlier in the season, local climate experts said on Thursday.
MARKET NEWS
* Asian shares rose on Friday, brushing off a late Wall Street dip as expectations of large U.S. stimulus under President-elect Joe Biden shored up sentiment while oil prices perked up on upbeat Chinese trade figures.
DATA/EVENTS (GMT) 0700 UK GDP Estimate 3m/3M Nov 0700 UK GDP Estimate MM, YY Nov 0700 UK Manufacturing Output MM Nov 0745 France CPI (EU Norm) Final MM, YY Dec 1100 EU Reserve Assets Total Dec 1330 US Retail Sales MM Dec 1415 US Industrial Production MM Dec 1500 US U Mich Sentiment Prelim Jan (Reporting by Naveen Thukral; Editing by Christopher Cushing)
