SINGAPORE, June 12 (Reuters) - Chicago wheat futures climbed on Wednesday, adding to previous session's strong gains, with expectations of more weather-induced damage to the Russian crop driving prices higher.

Corn dipped, while soybeans were largely flat in position-squaring ahead of monthly U.S. supply-demand reports due later in the day.


* The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.1% at $6.27 a bushel, as of 0012 GMT, after having climbed more than 3% on Tuesday.

* Soybeans were flat at $11.78 a bushel and corn dipped 0.1% to $4.49-1/4 a bushel.

* Wheat prices rallied on Tuesday after the head of Russia's grain union said frosts in Russia have affected between 15% and 30% of winter grains, varying by region, a much higher figure than suggested by the agriculture ministry.

* In addition to Russian frost damage, a surprise drop in weekly U.S. winter and spring wheat condition ratings underpinned prices.

* Top buyer Egypt booked 400,000 metric tons of Black Sea-origin wheat in an international tender.

* Traders are squaring positions ahead of the U.S. Department of Agriculture monthly (USDA) supply-demand reports due later in the day.

* Analysts surveyed by Reuters on average expect the USDA to raise its forecasts of U.S. 2023/24 and 2024/25 soybean ending stocks, and lower its forecasts for corn inventories.

* U.S. corn and soybean crops are off to a strong start. The USDA late Monday rated 74% of the U.S. corn crop in "good-to-excellent" condition, down a point from last week, but still the highest for this time of year since 2020.

* Soybeans were rated 72% "good-to-excellent" in the USDA's first ratings of 2024 for the oilseed, in line with trade expectations.

* Commodity funds were net buyers of CBOT wheat and soyoil futures contracts on Tuesday and net sellers of CBOT soybean, soymeal and corn futures, traders said.


* The Nasdaq and the S&P 500 rose on Tuesday to end at all-time highs, reversing early losses as investors prepared for upcoming inflation data and the U.S. Federal Reserve's policy meeting.

DATA/EVENTS (GMT) 0130 China PPI, CPI YY May 0600 Germany HICP Final YY May 0600 UK GDP Est 3M/3M April 0600 UK GDP Estimate MM, YY April 0600 UK Services MM, YY April 0600 UK Manufacturing Output MM April 1230 US Core CPI MM, SA; YY, NSA May 1230 US CPI MM, SA; YY, NSA May 1230 US CPI Wage Earner May 1800 US Federal Open Market Committee announces its decision on interest rates followed by statement (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)