SINGAPORE, May 8 (Reuters) - Chicago wheat gained for the first time in four sessions on Friday, while soybeans inched higher as oil prices bounced back on renewed tensions between the U.S. and Iran.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.3% to $6.14-1/4 a bushel, as of 0024 GMT, and soybeans added 0.1% to $11.93 a bushel. Corn Cv1 fell 0.1% to $4.67-1/4 a bushel.

* All three products are on track for a weekly decline due to long liquidation amid easing Middle East concerns earlier this week.

* The United States and Iran exchanged fire on Thursday in the most serious test yet of their month-long ceasefire, but Iran said the situation returned to normal while the U.S. said it did not want to escalate.

* Market participants are also closely monitoring weather in the drought-hit U.S. wheat belt, where this week's rainfall missed some critically dry areas and may have arrived too late or in insufficient amounts to prevent crop damage elsewhere, analysts said.

* However, freezing temperatures caused only minimal frost damage, lowering some weather concerns.

* The U.S. Department of Agriculture's weekly report said 31% of the nation's winter wheat crop was in good to excellent condition, up from 30% last week but still the lowest for this time of the year since 2023.

MARKET NEWS

* Oil rose and U.S. stock futures slipped in early trade on Friday, after the United States and Iran exchanged fire and put a month-long Middle East ceasefire in doubt. O/R

DATA/EVENTS (GMT)

0600 Germany Industrial Output MM Mar

0600 Germany Industrial Production YY SA Mar

0600 UK Halifax House Prices MM, YY Apr

1230 US Non-Farm Payrolls Apr

1230 US Unemployment Rate Apr

1230 US Average Earnings YY Apr

1400 US U Mich Sentiment Prelim May