Chicago wheat keeps rising on Russia-Ukraine hostilities

BEIJING, July 15 (Reuters) - Chicago wheat futures continued to rally on Wednesday as traders assessed the impact of possible reductions to Russian wheat exports following Ukrainian drone attacks on ships in the Azov Sea.

• The most-active wheat contract Wv1 on the Chicago Board of Trade (CBOT) was up 0.4% to $11.96 a bushel by 0145 GMT. Soybean Sv1 gained 0.2% to $6.46 a bushel, and corn Cv1 gained 0.1% to $4.61 a bushel.

• Shipping in the Sea of Azov, the route for a quarter of Russia's grain exports, remained restricted on Tuesday after continued Ukrainian drone attacks, Reuters sources said.

• Soybeans and corn rose, recouping some of the losses from the last session after the U.S. Department of Agriculture said crop conditions improved.

• Condition ratings for U.S. corn and soybean crops improved slightly last week, the USDA said in a weekly report on Monday, as the risk of hot and dry weather loomed.

• The agency said 68% of the nation's corn crop was in good or excellent shape as of Sunday, up from 67% a week earlier. The soybean crop was rated 65% good to excellent, up from 64% a week earlier.

• U.S. corn and soybean futures hit their highest levels in more than a month on Monday as weather risks and renewed tensions in the Middle East lifted prices.

• Hot and mostly dry weather was forecast for the western half of the U.S. Midwest crop belt this week and potentially extending into next week, threatening crop yield potential.