Corn set for biggest weekly gain since July as global supplies tighten

* Soybeans on track for their fifth weekly gain

* Tightening world feed grains supplies set to underpin prices

SINGAPORE, Jan 15 (Reuters) - Chicago corn futures were poised on Friday for their biggest weekly gain since July as the U.S. government's forecast of tightening global supplies supported prices.

Soybeans are on track for their fifth weekly gain while wheat is set to end the week on a positive note after last week's losses.

The most-active corn contract on the Chicago Board of Trade (CBOT) advanced 7.6% this week, set for its biggest weekly gain since early July. The market was trading down 0.1% at $5.33-3/4 a bushel, as of 0226 GMT.

Soybeans have added 4% this week while wheat has gained 5.3%.

The U.S. Department of Agriculture (USDA) cut its estimate of 2020/21 U.S. corn production to below trade expectations and lowered its outlook for ending stocks.

The International Grains Council on Thursday cut its forecast for record global grain production by 9 million tonnes to 2.21 billion tonnes in 2020/21 and also trimmed its projection for consumption during the season.

In its monthly update, the inter-governmental body cut its forecast for corn by 13 million tonnes, partially offset by an increase in its outlook for wheat.

Global consumption of grain in 2020/21 lowered by 5 million tonnes to 2.216 billion tonnes, but remained above the prior season's 2.192 billion tonnes.

Gains in wheat stemmed from hopes for a pickup in demand for U.S. supplies on the export market.

Russia may continue taxing wheat exports in the new marketing season, which starts on July 1, Interfax news agency reported on Thursday, citing a letter from the agriculture ministry to the Russian Union of Grain Exporters.

Russia, one of the world's largest wheat exporters, is trying to stabilise domestic food prices with the wheat export levy as well as a grain export quota and a series of other measures after President Vladimir Putin criticised the impact of excessive inflation.

Argentine soybean and corn fields have benefited from recent rain, with more showers expected that could slowly improve crop yields after they were threatened by dry weather earlier in the season, local climate experts said on Thursday.

Commodity funds were net buyers of CBOT corn, soybean, wheat, soyoil and soymeal futures contracts on Thursday, traders said. (Reporting by Naveen Thukral; Editing by Christopher Cushing and Sherry Jacob-Phillips)