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)