SINGAPORE, July 14 (Reuters) - Chicago soybean futures ticked lower on Friday, giving up some of previous session's gains, although the market is poised for its biggest weekly gain in a month on concerns over global supplies and strong Chinese demand.
Wheat and corn also edged lower.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2% at $12.67-/4 a bushel, as of 0034 GMT. The market has risen 3.8% this week, on track for its biggest gain since mid-June.
* Wheat lost 0.2% to $6.38-3/4 a bushel and corn gave up 0.3% to $4.99 a bushel. For the week, wheat is down 1.6% while corn has added almost 1%.
* Portions of the northwestern Midwest are set to remain dry in the coming week and the key growth period for soybeans still lies ahead in August.
* China imported 10.27 million metric tons of soybeans in June, up 24.5% from a year earlier, customs data showed on Thursday, as large purchases of cheap Brazilian beans reached the market.
* Wheat traders continued to monitor dry conditions for spring wheat in North America, results from winter wheat harvesting across the Northern Hemisphere, and talks to salvage a Black Sea export corridor from Ukraine that Russia is threatening to abandon next week.
* The European Commission is helping the United Nations and Turkey try to extend a deal allowing the Black Sea export of Ukraine grain and is open to "explore all solutions," a European Union spokesperson said on Thursday, ahead of the deal's possible expiration on Monday.
* There is a more than 90% chance that El Niño conditions will continue through the Northern Hemisphere winter 2023-24, a U.S. government weather forecaster said on Thursday.
* Forecasters expect the continued growth of El Niño through the autumn, peaking this winter with moderate-to-strong intensity, the National Weather Service's Climate Prediction Center (CPC) said.
* Commodity funds were net buyers of CBOT soybean, corn, soymeal, soyoil and wheat futures contracts on Thursday, traders said.
MARKET NEWS
* U.S. stocks rose again and global equities hit new highs for 2023 on Thursday, while the dollar and Treasury yields continued to slide, as slowing U.S. inflation stoked bets that the Federal Reserve will pause rate hikes after this month.
DATA/EVENTS (GMT) 0900 EU Total Trade Balance SA May 1230 US Import Prices YY June 1400 US U Mich Sentiment Prelim July (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
