Wheat futures rally on dry weather concerns, Black Sea attacks

* Wheat touches new two-month highs

* Dryness, India demand and Russian attacks push wheat higher

* Weather stays in focus for corn and soy

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Chicago, April 24 (Reuters) - Chicago wheat firmed on Wednesday, hitting its highest price since Feb. 7, on dry weather concerns in key growing regions and Russian attacks in the Black Sea region threatening to disrupt supply chains.

Soybean futures ticked higher, as traders assessed prospects for U.S. corn and soy planting weather this week. Significant rain and colder temperatures in the Midwest could hinder planting progress later this week, analysts said.

And nearby corn futures eased, after following wheat prices higher earlier in the week, in a choppy trading session.

Much of the volatility in the grains market came amid a flurry of technical short-covering, analysts said, as fund managers adjusted their positions ahead of the first notice day on May contracts next week.

Chicago Board of Trade most-active wheat was up 9-1/2 cents at $6.12-1/4 a bushel at 11:00 CDT (1600 GMT).

Corn eased 1-1/4 cents to $4.51-1/4 a bushel, and soybeans were up 2-1/2 cents at $11.84-1/2 a bushel.

Analysts said wheat's ongoing rally could be attributed in part to the dry weather that continues to affect wheat producing regions of Russia and the U.S. southern plains.

In addition, attacks on Ukraine's Black Sea ports, which affected the country's grain infrastructure rattled the markets, said Jim McCormick, co-founder of AgMarket.net.

The U.S. Department of Agriculture's weekly crop progress report on Monday also showed 50% of U.S. winter wheat crop in good-to-excellent condition, down from 55% a week earlier.

McCormick noted that shifting wheat demand in India was a concern on the horizon, with the country reporting its inventories had hit their lowest point in 16 years and the possibility growing that the country might import wheat for the first time since 2017.

"If they feel like their prices are going to go up, then they may come into the international market to essentially drive the domestic prices down," said McCormick. (Reporting by Renee Hickman; additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; Editing by Shailesh Kuber)