CBOT Trends-Wheat up 8-9 cents, corn up 3-5, soy up 9
CHICAGO, May 11 (Reuters) - The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Monday:
WHEAT - Up 8 to 9 cents per bushel
CBOT wheat Wv1 futures gained ground with support from firmer oil prices, which rose after the United States and Iran failed to reach a peace deal. GRA/
Oil prices rallied on Monday, a day after President Donald Trump said Iran's response to a U.S. peace proposal was "unacceptable", raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight.
Investors are assessing weather forecasts in drought-struck U.S. wheat belts, where last week's rainfall missed some critically dry areas and may have arrived too late or in insufficient amounts to prevent crop damage.
Limited rain is forecast in the U.S. Southern Plains this week, according to Commodity Weather Group.
CBOT July soft red winter wheat WN26 was last up 8-1/2 cents at $6.27-1/2 a bushel. K.C. July hard red winter wheat KWN26 was last up 7-1/4 cents at $6.83 a bushel, and Minneapolis July spring wheat MWEN26 was up 7-1/4 cents at $6.85-3/4 a bushel.
CORN - Up 3 to 5 cents per bushel
CBOT corn trended higher as oil prices rose - the grain has often tracked crude oil throughout the Iran war because it is used to make ethanol.
South Korea's Major Feedmill Group (MFG) has issued an international tender to purchase around 210,000 metric tons of animal feed corn, European traders said on Monday.
Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) purchased around 65,000 metric tons of animal feed corn in a private deal on Friday, European traders said on Monday.
CBOT July corn CN26 was last up 3-1/4 cents at $4.74-1/2 per bushel.
SOYBEANS - Up 9 to 15 cents per bushel
Soybean futures headed up on expectations that China would make purchases as U.S. President Donald Trump and Chinese President Xi Jinping are set to meet later this week.
Analysts expect China to make a small "goodwill" soybean purchase ahead of Trump's visit to China between May 14 and 15. China could also agree to more purchases of U.S. agricultural products at the meeting. GRA/
CBOT July soybeans SN26 were last up 10-1/2 cents at $12.18-1/2 per bushel.
