Corn set for second weekly loss as ample world supply weighs

SINGAPORE, April 12 (Reuters) - Chicago corn slid on Friday and the market was set for a second weekly loss after a U.S. report showed domestic supplies remained plentiful despite a reduction from last month.

Wheat edged higher, while soybeans eased, with both commodities on track for weekly declines.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.1% at $4.28-1/4 a bushel, as of 0015 GMT, with the market set to end the week marginally lower.

* Wheat added 0.4% to $5.53-3/4 a bushel and soybeans fell 0.1% to $11.58 a bushel. For the week, wheat and soybeans have lost more than 2%.

* The U.S. Department of Agriculture (USDA) on Thursday projected domestic ending stocks will remain at a five-year high even as the agency reduced its estimate from last month.

* U.S. corn stocks are projected at 2.122 billion bushels by the end of the 2023-24 marketing year on Aug. 31, down from USDA's previous forecast for 2.172 billion bushels. Analysts had expected an even bigger cut to 2.102 billion.

* The USDA's monthly supply-and-demand report left its forecast for Brazil's soybean crop unchanged at 155 million metric tons.

* However, Brazilian crop agency Conab reduced its soybean output projection to 146.522 million metric tons due to adverse weather, highlighting a big divide in the outlooks.

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

MARKET NEWS

* A global equities index rose slightly on Thursday after falling earlier in the day while Treasury yields rose as investors looked to the latest inflation data for clues on the potential for Federal Reserve interest rate cuts.

DATA/EVENTS (GMT) 0300 China Exports, Imports YY March 0300 China Trade Balance March 0600 Germany HICP Final YY March 0600 UK GDP Est 3M/3M Feb 0600 UK GDP Estimate MM, YY Feb 0600 UK Manufacturing Output MM Feb 0645 France CPI (EU Norm) Final MM, YY March 1230 US Import Prices YY March 1400 US U Mich Sentiment Prelim April (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)