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GRAINS-CBOT wheat hits lowest in nearly 4 months as supply concerns ease

June 23 (Reuters) - Chicago wheat fell to its lowest in nearly four months on Thursday, after a senior U.S. official stressed that Russian grains and fertilizer were not covered by sanctions over Moscow's war in Ukraine.

Supply pressure from early harvesting in the United States and European grain belts also continued to weigh on prices.

Corn fell to its weakest since late-February, while soybeans slumped to its lowest since late-January, with crude oil market losses also adding pressure.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 2.7% at $9.62 a bushel, as of 0229 GMT, its lowest since March 1.

Corn Cv1 lost 2.2% to $6.78-1/2 a bushel, after earlier falling to its weakest since Feb. 28 at $6.78-1/4.

Soybeans Sv1 fell 2.6% to $14.38 a bushel, after touching its lowest since Jan. 27 at $14.37-1/2.

Countries should ask the United States for help if they have any problems importing Russian food and fertilizer, U.S. State Department Bureau of Economic and Business Affairs Assistant Secretary, Ramin Toloui, said on Wednesday.

Toloui said Washington was supportive of efforts by U.N. and Turkish officials to broker a package deal with Moscow that would also allow for shipments of Ukraine grain from the Black Sea port of Odesa.

A strong rouble, high export tax, ongoing problems with freight and lack of forward sales are expected to hamper the start of the new export season for Russian wheat in July despite an expected record crop, analysts and traders said.

Russia-focused agriculture consultancy Sovecon has raised its forecast for Russia's 2022 wheat crop by 0.6 million tonnes to a new record high of 89.2 million tonnes amid an improved outlook for the spring wheat harvest.

Oil prices fell 2% in early trade on Thursday, extending losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.

MARKETS NEWS
Asian shares wobbled while commodity prices fell on Thursday as worries about the risks of a global recession mounted.
By: via Malaysian Palm Oil Council Russia