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GRAINS-Soybeans down for 4th session, at one-week low on global inflation

SINGAPORE, June 15 (Reuters) - Chicago soybean futures slid for a fourth consecutive session on Wednesday, dropping to their lowest in more than one week, as world markets remained under pressure amid growing inflationary concerns.

Corn and wheat futures lost more ground.

FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 dropped 0.3% to $16.93 a bushel, as of 0038 GMT, after hitting its weakest since June 6 at $16.90 a bushel earlier in the session.

Corn Cv1 fell 0.2% to $7.67 a bushel and wheat Wv1 gave up 0.7% to $10.42-1/4 a bushel.

Concerns over rising global inflation are driving stocks and commodity markets lower, even though tightening grain and oilseed supplies are providing a floor under the agricultural markets.

The United States and other key suppliers need to produce big crops as Russia's invasion of Ukraine has disrupted grain exports from the Black Sea.

The Russia-Ukraine war will create a global wheat shortage for at least three seasons by keeping much of the Ukrainian crop from markets, pushing prices to record levels, Ukraine's agriculture minister told Reuters.

Ukraine, sometimes known as Europe's bread basket, has had its maritime grain export routes blocked by Russia and faces a maelstrom of other problems, from mined wheat fields to a lack of grain storage space.

U.S. President Joe Biden said on Tuesday that temporary silos would be built along the border with Ukraine, including in Poland, in bid to help export more grain from the war-torn country and address a growing global food crisis.

In the United States, the winter wheat harvest was 10% complete as of Sunday, up from 5% a week earlier and behind the five-year average of 12%, the U.S. Department of Agriculture (USDA) said on Monday.

The USDA on Monday rated 72% of the U.S. corn crop in good to excellent condition, down 1 percentage point from a week earlier and below the average of estimates in a Reuters poll.

Heat is promoting rapid crop development in the Corn Belt, the USDA said in a separate weather report on Tuesday.

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

MARKETS NEWS
World stocks fell for a second day in a row on Tuesday, while government bond yields and the U.S. dollar clung to multi-year highs, as surging inflation led investors to brace for what could be the largest U.S. interest rate hike in 28 years this week.
By: via Malaysian Palm Oil Council Russia