Adds analyst comment, updates prices

CANBERRA, May 28 (Reuters) - Chicago wheat futures headed for a sixth consecutive daily decline on Thursday as the market braced for fresh Northern Hemisphere supplies that will be harvested in the coming months.

Corn and soybean futures edged higher as oil prices recovered some ground. Brent crude fell 5% to its lowest in a month on Wednesday, putting downward pressure on prices of crops used as feedstock to make biofuel. O/R LCOc1

The most-traded wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.1% at $6.21-3/4 a bushel as of 0349 GMT.

CBOT wheat has fallen 10% from a two-year high of $6.88-1/4 on May 14 and is holding just above its 50-day moving average. Prices still remain up around 22.5% so far this year though.

Analysts say the poor condition of drought-afflicted U.S. wheat has now been priced in and the market is looking ahead to months of harvest pressure on prices.

As harvest time nears, the scope for supply disruption reduces, said Nick Carracher, head of Australian agricultural consultants Lachstock.

"The balance sheet is becoming more known by the day," he said. "There aren't that many problems out there."

Consultants Sovecon on Wednesday raised their 2026 wheat production forecast for top exporter Russia to 90.3 million metric tons from 89.7 million tons.

Meanwhile, sources said China has issued export quotas for urea fertiliser, which could help bring down global prices that have soared since the Iran war choked off Middle East supply.

High fertiliser prices threaten to reduce production over time - with a Ukrainian government minister saying on Wednesday that the country's farmers used less during spring sowing - but U.S.-Iran talks have raised hopes that the war could end and fertiliser exports from the Gulf could resume.

In other crops, CBOT corn Cv1 was 0.2% higher at $4.53-1/2 a bushel and soybeans Sv1 were up 0.4% at $11.89-1/2 a bushel.