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GRAINS-Wheat firm, set for 3rd weekly gain on supply concerns

SINGAPORE, Sept 9 (Reuters) - Chicago wheat edged higher on Friday, rising for four out of five sessions and eyeing a third straight weekly gain, as talks about Russia's restrictions on Ukrainian shipments underpinned the market.

Soybeans rose, although the market is on track for a second week of losses on expectations of a record U.S. crop and higher South American planting.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.8% to $8.35-1/4 a bushel, as of 0123 GMT. The market, which climbed to its highest in almost two month this week, has gained 3% this week.

* Soybeans have dropped around 2% this week, while corn has added around 1%.

* Wheat markets have strengthened after President Vladimir Putin said Russia and the developing world had been "cheated" by a U.N.-brokered Ukrainian grain export deal, vowing to look to revise its terms to limit the countries that can receive shipments.

* However, the White House said Thursday there was no indication the deal was unravelling.

* Frosts recorded in the last two weeks in Argentina have caused some damage to the South American country's 2022/23 wheat crop, the Buenos Aires grains exchange said on Thursday.

* The frost damage adds to the impact caused by drought seen in recent months, which led the key grains exchange to cut its wheat planting forecast from an initial level of 6.6 million hectares to 6.1 million hectares.

* For soybeans, the United States is on track for a record crop, while farmers are expected to boost planting in Brazil.

* Argentine farmers sold a total of 2.13 million tonnes of soybeans on Monday and Tuesday, surpassing in just two days the 667,000 tonnes sold last week after the government established a preferential exchange rate for soybean exports, the Rosario Stock Exchange said Wednesday.

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

MARKET NEWS

* Global stocks and government bond yields rose on Thursday after the European Central Bank raised interest rates by a record 75 basis points and Federal Reserve Chair Jerome Powell said the U.S. central bank was "strongly committed" to controlling inflation.

DATA/EVENTS (GMT) 0130 China PPI, CPI YY Aug 1600 US The Federal Reserve issues quarterly financial accounts of the United States (Reporting by Naveen Thukral)

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