SINGAPORE, Jan 13 (Reuters) - Chicago soybean futures climbed for a third consecutive session on Friday, with the market poised to end the week on a positive note after the U.S. government unexpectedly cut its 2022 harvest estimates.
Wheat gained more ground and corn rose for a fourth straight session.
FUNDAMENTALS
* The Chicago Board of Trade most-active soybean contract was up 0.2% at $15.21-1/2 a bushel, as of 0112 GMT, wheat added 0.6% to $7.47-1/2 a bushel and corn climbed 0.3% to $6.73-1/4 a bushel.
* For the week, soybeans are up almost 2% after losing ground last week, wheat is on track for a positive finish after suffering deep losses last week and corn has gained nearly 3%.
* U.S. corn and soybean harvests in 2022 were smaller than previously estimated as crops struggled late in their development after a promising start to the growing season, the U.S. government said on Thursday.
* U.S. corn production totalled 13.730 billion bushels in the 2022/23 marketing year, the U.S. Department of Agriculture (USDA) said in its monthly World Agricultural Supply and Demand Estimates report. That was down 200 million bushels from a month earlier and below a range of market expectations.
* The U.S. soybean harvest came in at 4.276 billion bushels, down from the December estimate of 4.346 billion.
* The USDA also estimated quarterly U.S. stocks of corn, soybean and wheat below average trade estimates in its January crop reports.
* Argentina's soybean harvest for the 2022/23 cycle is estimated at 41 million tonnes, the Buenos Aires grains exchange said on Thursday, down from the 48 million tonnes previously estimated, after agricultural areas were hit by drought.
* The International Grains Council on Thursday raised its forecast for 2022/23 global wheat production to a record 796 million, up from the prior season's 781 million.
* Brazilian statistics agency CONAB on Thursday trimmed its forecast of the 2022/23 soybean crop, but still pegged it at a record 152.7 million tonnes.
* Commodity funds were net buyers of CBOT wheat, corn, soybean, soyoil and soymeal futures contracts on Thursday, traders said.
MARKET NEWS
* A gauge of global stocks climbed on Thursday while longer-dated U.S. Treasury yields and the dollar fell after a reading of consumer prices fed expectations the Federal Reserve may have leeway to scale back the size of future interest rate hikes.
DATA/EVENTS (GMT) 0300 China Exports, Imports YY Dec 0300 China Trade Balance Dec 0700 UK GDP Est 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 1000 EU Total Trade Balance SA Nov 1330 US Import Prices YY Dec 1500 US U Mich Sentiment Prelim Jan (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
