BEIJING, June 5 (Reuters) - Chicago wheat futures fell on Friday and were headed for a second straight weekly loss, pressured by favourable weather in the U.S. Plains, the start of U.S. winter harvest and improving production prospects in top exporter Russia.

Soybeans slipped to trade near a four-month low, weighed down by favourable U.S. weather and subdued Chinese buying, while corn hovered near its weakest level in more than four months.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 slipped 0.52% to $5.78-3/4 a bushel by 0101 GMT, hovering near its lowest level in two months. Corn Cv1 eased 0.59% to $4.22 a bushel.

* Soybeans Sv1 fell 0.18% to $11.27-1/2. Wheat, corn and soybeans were all headed for a sixth straight session of losses.

* In Argentina, the Buenos Aires Grain Exchange said on Thursday that the 2026/27 wheat planting was advancing at a record pace, with 32.4% of an estimated 6.5 million hectares sown just weeks after the season began.

* In China, analysts estimated that excessive rainfall had caused between 4.8 million and 10 million metric tons of wheat to sprout, potentially boosting demand for imports.

* Higher temperatures and rain in the U.S. Midwest are expected to restore moisture for the newly planted soybean and corn crops in the next two weeks, according to forecaster Commodity Weather Group.

* Grain prices were also pressured by muted Chinese buying following the May summit between Presidents Donald Trump and Xi Jinping.

* Commodity funds were net sellers of CBOT corn, soy and wheat futures, traders said on Thursday. CBOT/FUNDS

MARKET NEWS

* Global stocks inched higher in choppy trading on Thursday, with European gains followed by a mixed session on Wall Street as investors weighed a snag in AI momentum, while oil prices fell, dragged by a ceasefire between Israel and Lebanon. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK Halifax House Prices MM, YY May

0645 France Reserve Assets Total May

0900 EU GDP Revised QQ, YY Q1

1230 US Non-Farm Payrolls May

1230 US Unemployment Rate May

1230 US Average Earnings YY May