SINGAPORE, March 15 (Reuters) - Chicago wheat prices regained ground on Friday after deep losses in the previous session, although the contract was on track for a third weekly decline as markets face pressure from Chinese buyers cancelling shipments amid plentiful global supplies. Corn firmed, while soybeans slid. FUNDAMENTALS * The most-active wheat contract on the Chicago Board of Trade (CBOT) edged up 0.1% to $5.33 a bushel, as of 0008 GMT, corn added 0.1% to $4.34-1/4 a bushel and soybeans shed 0.1% to $11.93-3/4 a bushel. * For the week, wheat is down almost 1%, having lost more than 6% in three weeks, corn is down 1.2% and soybeans have added nearly 1%. * Chinese wheat importers have cancelled or postponed about one million metric tons of Australian wheat cargoes as growing world stockpiles drag prices lower. This news came after the U.S. government reported cancellation of more than 500,000 metric tons of U.S. wheat exports last week to China. * Cancellation of shipments by China, the world's No. 1 wheat buyer, are heightening concerns among exporters over rising world surplus. * Russia's IKAR agricultural consultancy said it expects Russia's 2024/25 grain crop to be 147 million metric tons, of which 93 million tons would be wheat, Russian news agency Interfax reported on Thursday. * The figures are up from 2023/24 when the grain harvest was forecast at 144 million metric tons in 2023/24, of which 91.6 million tons will be wheat. * The International Grains Council on Thursday forecast a record global grain crop in the 2024/25 season, reinforcing concerns about a global glut. * The inter-governmental body, issuing its first full set of supply and demand projections for the 2024/25 season, saw global grains production rising to a record 2.332 billion metric tons from the prior season's 2.304 billion. * The percentage of Argentine soybean plantings with optimal-to-excellent soil moisture grew to 77% in the last week, boosted by recent rains, the Buenos Aires Grains Exchange said on Thursday. * Commodity funds were net buyers of CBOT soybean and soymeal futures contracts on Thursday, and net sellers of corn, wheat and soyoil contracts, traders said. MARKET NEWS * U.S. Treasury yields and the dollar climbed on Thursday, while a gauge of global stocks stumbled after a stronger than expected reading on U.S. inflation cast doubt on the timing and magnitude of interest rate cuts from the Federal Reserve this year. DATA/EVENTS (GMT) 0745 France CPI (EU Norm) Final MM, YY Feb 1100 EU Reserve Assets Total Feb 1230 US Import Prices YY Feb 1315 US Industrial Production MM Feb 1400 US U Mich Sentiment Prelim March (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
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