Updates prices, adds background

BEIJING, June 10 (Reuters) - Chicago soybean futures rose on Wednesday after hitting a four-month low in the previous session, tracking firmer soyoil and crude oil prices.

The most-active soybeans contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.3% to $11.16-3/4 a bushel by 0310 GMT, while wheat Wv1 gained 0.43% to $5.87-3/4 a bushel. Corn Cv1 dropped 0.1% to $4.19 a bushel.

CBOT soyoil rose 0.24% to 75.01 cents per pound, mirroring higher oil prices.

Oil prices climbed about 1% on Wednesday, moving away from a seven-week low touched in the previous session, after the U.S. military launched new strikes against Iran and as market data showed another large draw in U.S. crude stocks. O/R

Soyoil often tracks crude oil, as higher energy prices lift demand for biofuel feedstocks.

Soybean futures were also supported by a surprise drop in weekly U.S. crop condition ratings. The U.S. Department of Agriculture on Monday rated 65% of the soy crop as good to excellent, down from 66% last week, while analysts on average had expected an improvement.

But a lack of fresh Chinese purchases weighed on the oilseed market, analysts said. China's soybean imports fell 15.3% in May from a year earlier, but the volume was still the third highest on record for the month, exceeding analysts' expectations as peak South American supplies and smoother port logistics supported arrivals.

Meanwhile, the USDA confirmed private sales of 120,000 metric tons of old-crop U.S. corn to undisclosed destinations.

Crop weather in the heart of the Midwest crop belt remained generally favourable, with warm temperatures and showers crossing the region this week.

Traders awaited direction from a monthly USDA supply and demand report to be released on Thursday.

USDA condition ratings for corn were unchanged, despite trade expectations for an improvement.

In wheat, conditions for winter wheat, which has been stressed by drought this year, declined to a new low, though an advancing harvest kept attention on incoming supply.