* Corn firms after hitting two-week low
* Soybeans on course for 7th straight weekly gain
* Wheat firms nearly 2% despite improved outlook
CANBERRA, May 14 (Reuters) - U.S. corn futures rose 1% on Friday to rebound from a two-week low touched earlier in the session, though the grain was on course to post its biggest one-week low in nearly two years as concerns over global supplies tempered.
Wheat rose more than 1.5% on Friday, drawing support from corn, while soybeans also firmed.
The most active corn futures contract on the Chicago Board Of Trade was up 1.2% at $6.82-1/4 a bushel by 0301 GMT, after hitting its lowest since April 30 of $6.66 a bushel earlier in the session.
Despite rallying, corn is down nearly 7% for the week, the biggest one-week loss since August 2019.
Analysts said corn was under pressure from profit taking after prices hit a March 2013 high late last week, but bullish fundamentals remain.
“Players in for ‘a good time, not a long time’ are clearing out,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
“After that dust settles the market will get back to focussing how much or how little second-crop corn will be harvested in Brazil.”
Adverse weather in Brazil has stoked concerns about global supplies, but these eased slightly this week.
The USDA earlier this week projected corn stocks at the end of the 2021/22 marketing year at 1.5 billion bushels, above most analysts’ expectations and up from 1.257 billion bushels expected to remain at the end of 2020/21.
The most active soybeans futures contract were up 0.9% at $15.98 a bushel after closing down 3.6% in the previous session.
Soybeans are up 0.5% for the week, its seventh straight weekly gain.
The most active wheat futures contract rose 1.7% to $7.14 a bushel after closing down 3.9% in the previous session.
Wheat is down nearly 6.5% for the week, its biggest weekly slide since August.
The declines come amid expectations for bigger global supplies.
Russian agriculture consultancy SovEcon raised its forecast for Russia’s 2021 wheat crop by 1 million tonnes, to 81.7 million tonnes, citing a larger-than-expected harvest area.
Forecasts called for beneficial rains into next week in the southern U.S. Plains winter wheat belt that could bolster yield prospects. (Reporting by Colin Packham; Editing by Anil D’Silva)