CBOT Trends-Wheat up 8-9 cents, corn up 3-5, soy up 9

- 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.