SINGAPORE, May 22 (Reuters) - Chicago wheat fell for a fifth consecutive session on Monday, sliding to its lowest in more than two years, as expectations of ample global supplies weighed on prices after a deal to ship Ukrainian grains was extended last week.

Corn and soybeans inched higher on bargain-buying after last week's deep losses.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.4% at $6.02-1/2 a bushel, as of 0038 GMT, after hitting its lowest since April 2021 at $6.02 a bushel.

* Corn added 0.3% at $5.56 a bushel and soybeans gained 0.2% to $13.09-1/4 a bushel.

* The Group of Seven rich nations on Friday called on all participants of the Black Sea Grain deal "to continue and fully implement its smooth operation at its maximum potential and for as long as necessary," it said in a statement.

* Last week, the Ukraine Black Sea grain deal was extended for two more months, easing concerns over world supplies.

* Russia plans to harvest on average around 130 million tonnes of grain a year and export up to 55 million tonnes, Russian First Deputy Agriculture Minister Oksana Lut said.

* She added that Moscow had managed to increase its grain exports despite some countries rejecting Russian grain because of the conflict in Ukraine, which Russia calls its "special military operation".

* However, deteriorating quality of the U.S. winter crop provided a floor under the market.

* Wheat yield potential in Kansas was estimated at 30.0 bushels per acre on Thursday by crop scouts on an annual Wheat Quality Council tour, the lowest since at least 2000.

* Large speculators trimmed their net short position in Chicago Board of Trade corn futures in the week to May 16, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans.

MARKET NEWS

* U.S. stocks ended lower and the dollar lost ground on Friday as negotiations to raise the U.S. debt ceiling were put on hold, jarring market participants as they headed into the weekend and the United States moved closer to the deadline to avoid default.

DATA/EVENTS (GMT) 0115 China Loan Prime Rate 1Y, 5Y May 1400 EU Consumer Confid. Flash May (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)