(Updates for market close)

By Heather Schlitz

CHICAGO, Dec 19 (Reuters) - Chicago wheat futures ended

higher on Friday, but hit their biggest weekly drop since June

as abundant and cheap global supply kept prices near an

eight-week low.

Soybean futures declined for ‌a sixth day, reaching their

lowest price since October 24, as speculators continued to

unwind long ​positions due to ample supply and doubts over

Chinese demand.

Corn dipped ‍after two days of gains driven by brisk ⁠U.S.

exports.

The most-active wheat ⁠contract on the Chicago Board of Trade

settled 2 cents higher at $5.09-3/4 per bushel.

"It's ‌an overall negative fundamental picture for

wheat," ​said Randy Place, analyst at Hightower Report.

In a year of abundance for grains, big ongoing wheat

harvests in ⁠Argentina and Australia are pouring ‍new supply ​onto

the market.

Early prospects for next year's harvests appear favourable,

with top exporter Russia projecting a bumper crop of 90 million

metric tons, ‍officials said on Thursday.

CBOT soybeans settled 3 cents lower at $10.49-1/4 per

bushel. CBOT corn settled down 3/4 cent to end at

$4.43-3/4 per bushel.

Uncertainty over when China may meet a target of 12 million

tons in purchases of U.S. soybeans under a trade ​truce between

Beijing ‍and Washington has dampened the soybean market,

particularly in the runup to what is expected to be another

bumper Brazilian ​harvest in early 2026.

On Friday morning, exporters sold 134,000 metric tons of

U.S. soybeans to China, the U.S. Department of Agriculture said

in a daily reporting system.

Favorable crop weather in Brazil, a major soybean exporter,

has also dampened prices.

"That's adding another headwind for beans this week, and

it's probably the reason ​we have been unable to bounce back this

week," Place said.