CANBERRA, April 11 (Reuters) - Chicago corn futures rose

on Friday and were on track for their biggest weekly gain in

nearly two years after U.S. President Donald Trump paused some

of his tariff increases and the U.S. Department of Agriculture

(USDA) tightened its supply outlook.

Soybean futures fell slightly but were still set to end the

week about 5% higher after delays to U.S. tariffs and European

Union's counter-tariffs eased concerns over U.S. crop exports. A

weak U.S. dollar also lent support.

Wheat futures gained and were headed for a much smaller

weekly increase after the USDA raised its estimate of U.S. wheat

ending stocks.

Soybeans and wheat are almost back to their levels at the

start of the month, before Trump's barrage of tariff

announcements, while corn is significantly higher.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of

Trade (CBOT) rose 0.3% to $4.84-1/2 a bushel at 0036 GMT

and gained 5.2% this week, its biggest weekly gain since May

2023.

* CBOT soybeans fell 0.3% to $10.26-1/4 a bushel but

their 5% weekly gain was still the steepest since September

2024.

* Wheat rose 0.3% to $5.39-1/2 a bushel and was up

1.9% from last Friday's close.

* The U.S. dollar index was trading at its weakest since

July 2023, making U.S. farm goods more competitive in the global

markets.

* The USDA on Thursday said U.S. corn and soybean supply

would be tighter than expected and lowered its 2024-25 U.S. corn

ending stocks estimate to 1.47 billion bushels from 1.54 billion

and its U.S. soybean stocks prediction to 375 million bushels

from 380 million.

* Both estimates are below most analysts' expectations,

according to a Reuters poll.

* The USDA also reduced its estimate for global

end-of-season corn stocks but raised its estimate for global

soybean stocks.

* The department's numbers support an argument that nearby

CBOT corn futures could strengthen even further, wrote Reuters

columnist Karen Braun.

* Brazil's national crop agency slightly raised its forecast

for 2024-25 Brazilian soybean output and an industry consultant

said a rush of sales means Brazilian farmers have already sold

more than half of their crop.

* Persistent rainfall in Argentina's agricultural heartland

is delaying the soybean harvest there, the Buenos Aires Grains

Exchange said.

MARKETS NEWS

* Major stock indexes and the U.S. dollar dropped on

Thursday, with the S&P 500 ending more than 3% lower as

investors remained skittish a day after U.S. President Donald

Trump's move to temporarily lower tariffs on many countries

caused a massive relief rally.