Corrects dateline

BEIJING, July 14 (Reuters) - Chicago soybean and corn futures edged lower on Tuesday after the U.S. Department of Agriculture said crop conditions improved although hot weather risks remain.

FUNDAMENTALS

* The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was down 0.4% to $11.80 a bushel by 0130 GMT. Wheat Wv1 gained 0.2% to $6.32-1/4 a bushel, while corn Cv1 fell 1.1% to $4.58-1/4 a bushel.

* 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.

* The USDA reported export inspections of U.S. soybeans in the latest week at 418,592 metric tons, in line with trade expectations for 300,000 to 600,000 tons.

* The agency reported export inspections of U.S. corn in the latest week at 1,539,718 tons, towards the high end of trade expectations for 1,100,000 to 1,600,000 tons. USDA/I

MARKET NEWS

* Oil prices rose 2% on Tuesday to their highest in four weeks, as the U.S. reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows.O/R

DATA/EVENTS (GMT)

1230 US Core CPI MM, SA Jun

1230 US Core CPI YY, NSA Jun

1230 US CPI MM, SA Jun

1230 US CPI YY, NSA Jun

1230 US CPI Wage Earner Jun

1230 China Exports, Imports YY Jun

1230 China Trade Balance USD Jun