Updates with closing U.S. prices, changes dateline from previous PARIS

By Julie Ingwersen

CHICAGO, July 16 (Reuters) - Chicago wheat futures declined on Thursday on a round of profit-taking and chart-based selling, but values remained elevated as hostilities between Russia and Ukraine showed no sign of cooling, fueling worries about exports from the major global wheat suppliers.

Corn futures fell on profit-taking and disappointing weekly U.S. export sales, while outlooks for milder crop weather in the Midwest next week pressured both corn and soybeans.

Chicago Board of Trade September wheat WU26 settled down 2-3/4 cents, or 0.4%, at $6.74-3/4 per bushel. CBOT December corn CZ26 ended down 5-1/2 cents, or 1.2%, at $4.64 a bushel and November soybeans SX26 finished down 6-3/4 cents, or 0.6%, at $11.95 a bushel.

Wheat futures had surged 5% on Wednesday on fears of disruptions to Black Sea exports at a time when wheat supplies are seen tightening in Europe and North America.

Ukraine and Russia launched missile and drone attacks on Thursday on vessels in the Black Sea and the Sea of Azov, the route for a quarter of Russia's grain exports, stepping up hostilities in a zone vital for grain exports.

But the rally paused on Thursday. CBOT September wheat WU26 reached $6.98-1/4 in early moves, but fell short of its life-of-contract high set on May 14 of $7.00.

"Wheat went pretty much right up to that May high and could not take it out. And that probably triggered a little bit of profit-taking," said Jim McCormick, chief operating officer with U.S.-based AgMarket.net.

Meanwhile, the U.S. Department of Agriculture reported net export sales of U.S. wheat in the week ended July 9 at 235,100 metric tons, below a range of trade expectations .

Weekly corn sales also lagged expectations. The USDA reported net sales of old-crop U.S. corn at 315,000 tons, below trade estimates for 500,000 to 1.1 million tons, and new-crop sales of 311,200 tons, versus estimates of 300,000 to 1.1 million tons.

Soybean sales were stronger. Net new-crop sales for the week totalled 1.769 million tons, including more than 1 million tons to China. The USDA had already announced a series of soybean sales to China in recent days under its daily reporting rules.

Weather outlooks looked less threatening for the Midwest crop belt. Following a week of sizzling heat, traders noted outlooks for cooler temperatures next week and increased chances of showers that should favor corn and soybean production prospects.

Light farmer selling added to the bearish trend.

"This $12 bean price and corn pushing $4.75 - it has brought some sellers back into the market," McCormick said.