Aug 7 (Reuters) - Chicago wheat rose more than 2% on Monday, extending gains from the previous session amid global supply concerns spurred by an escalation of tensions in the Black Sea after last week's Ukrainian drone attack near a Russian export hub.

Expectations of demand from India also underpinned wheat prices as the country considers cutting or abolishing tariffs on the grain.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 2.1% at $6.46-1/2 a bushel, as of 0414 GMT, after initially rising to $6.54-1/2 a bushel, its highest since Aug. 2.

Russia has military and technical capabilities to eliminate threats to security in the Black Sea, the TASS news agency quoted Russian deputy foreign minister Sergei Ryabkov as saying on Sunday.

Ryabkov spoke days after Ukrainian sea drones attacked a Russian warship near the Russian port of Novorossiysk and a Russian tanker near Crimea.

On Aug. 2, Russia attacked Ukraine's main inland port across the Danube River from Romania, ramping up its use of force to prevent Ukraine from exporting grain.

Soybeans, however, fell 1.7% to $13.10-1/2 a bushel, while corn shed 0.2% to $4.96-1/4 a bushel, retreating after Friday's advance.

"Heavy rains and cooler temps are lifting U.S. yield estimates. Ukraine-Russia attacks are escalating. China is buying U.S. beans," Peak Trading Research said in a post on messaging platform X, formerly known as Twitter.

"The macro mood is bearish" ahead of the data on U.S. consumer prices to be released on Wednesday, while traders also gear up for a key global monthly agricultural supply and demand report on Friday, Peak also said.

Meanwhile, India was considering cutting or abolishing wheat import taxes, Food Secretary Sanjeev Chopra said, as the world's second-biggest producer struggles to contain prices.

Chinese demand was also in the spotlight as floodwaters from Typhoon Doksuri continued to deluge farms and cities in northeast China on Saturday.

In other grains-related news, U.S. bank JPMorgan last week stopped processing payments for the Russian Agricultural Bank, Russia said on Friday, as it demanded action, not promises, from Washington to help Russian grains and fertiliser reach global markets. (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)