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GRAINS-Wheat set for weekly gain on Black Sea export concerns

SINGAPORE, Oct 14 (Reuters) - Chicago wheat rose for a second day on Friday, eyeing a positive weekly finish, as supply concerns from the Black Sea region surfaced after Moscow said it was prepared to reject renewing its export corridor deal unless its demands were addressed.

Soybeans and corn eased, although both markets were on track for weekly gains, underpinned by expectations of lower U.S. harvests.


* The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.3% to $8.95 a bushel, as of 0044 GMT. The market has gained 1.7% this week so far, after finishing lower last week.

* Soybeans and corn have added around 2% this week.

* Wheat climbed on news that Russia delivered a list of concerns about its Black Sea export corridor deal to the United Nations. UN officials are due in Moscow on Sunday to discuss the renewal of the agreement.

* The UN-brokered deal had opened a safer path for grain shipments from major exporter Ukraine. Exports had been blocked following Russian President Vladimir Putin's order to invade its neighbour in late February.

* For corn and soybeans, U.S. forecast of lower output supported prices.

* In its monthly supply-and-demand report on Wednesday, the U.S. Department of Agriculture (USDA) said U.S. corn and soybean crops would be smaller than previously forecast, raising concerns about tight global inventories.

* But the agency also trimmed its demand outlook, most notably for exports which will likely face stiff competition from South American crop shipments.

* The government also cut its outlook for the domestic stockpile of wheat to the lowest in 15 years.

* In South America, Argentina's two major grains exchanges cut their forecasts for the upcoming wheat harvest on Thursday as drought and low temperatures hit the crop, with little relief in sight for key farming regions and scant rains forecast in weeks ahead.

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


* Wall Street stock indexes made a dramatic recovery, closing sharply higher after an earlier sell-off on Thursday while the dollar gave up earlier gains as investors poured back into riskier bets after digesting a red-hot U.S. inflation reading that fuelled bets for a big Federal Reserve rate hike next month.

DATA/EVENTS (GMT) 0130 China PPI, CPI YY Sept 0300 China Exports, Imports YY Sept 0300 China Trade Balance Sept 0645 France CPI (EU Norm) Final MM, YY Sept 0900 EU Total Trade Balance SA Aug 1100 EU Reserve Assets Total Sept 1230 US Import Prices YY Sept 1230 US Retail Sales MM Sept 1400 US U Mich Sentiment Prelim Oct (Reporting by Naveen Thukral; editing by Uttaresh.V)

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