SINGAPORE, Nov 10 (Reuters) - Chicago soybean futures edged higher on Friday, although the market was poised for the first weekly decline in five on pressure from a U.S. government forecast of higher production.
Wheat lost ground, while corn edged higher.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.1% at $13.44-1/4 a bushel, as of 0108 GMT. Wheat fell 0.2% to $5.79-1/2 a bushel and corn rose 0.1% to $4.68-1/2 a bushel.
* For the week, soybeans are down around half a percent, wheat has risen 1.4% and corn has given up 1.8%.
* The U.S. Department of Agriculture (USDA) raised its estimate for the nation's 2023-24 corn crop to 15.234 billion bushels in a monthly report, from 15.064 billion bushels in October.
* The USDA also increased its forecast for soybean production to 4.129 billion bushels from its October estimate of 4.104 billion. The report's forecasts topped trade estimates.
* The soybean market has received some support from strong Chinese demand in recent days.
* China has purchased 1.04 million metric tons of U.S. soybeans in a significant deal that extends a wave of recent buying.
* Brazil, the world's top soybean grower and exporter, will produce an estimated 162.420 million tons of the oilseed in the 2023/24 cycle even as erratic weather disrupts some planting, crop agency Conab said in a new, higher forecast on Thursday.
* Argentine farmers could plant more fields with soybeans than initially estimated, the Buenos Aires Grain Exchange said on Thursday, as rains put an end to a drought that affected large parts of the agricultural heartlands.
* Ukraine's alternative Black Sea export corridor is working despite a recent Russian attack on a civilian vessel, Deputy Prime Minister Oleksandr Kubrakov said on Thursday.
* Commodity funds were net sellers of CBOT soybean, corn, wheat and soymeal futures contracts on Thursday and net buyers of soyoil futures, traders said.
MARKET NEWS
* Treasury yields jumped and a measure of global stocks fell on Thursday after Federal Reserve Chair Jerome Powell said policymakers "are not confident" interest rates are high enough to bring inflation down to the U.S. central bank's 2% target.
DATA/EVENTS (GMT) 0700 UK GDP Est 3M/3M Sept 0700 UK GDP Estimate MM, YY Sept 0700 UK Manufacturing Output MM Sept 0700 UK GDP Prelim QQ, YY Q3 1500 US U Mich Sentiment Prelim Nov (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
