GRAINS-Soybeans rise to 3-month high on trade optimism; wheat edges higher

BEIJING, May 14 (Reuters) - Chicago soybean futures rose to a three-month high on Wednesday, supported by a weaker dollar and renewed optimism sparked by a temporary truce in the U.S.-China trade conflict.

Wheat rebounded on short-covering after falling to contract lows in the previous session, while corn posted modest gains.

FUNDAMENTALS

* The most-active CBOT soybean contract Sv1 was up 0.42% at $10.77 a bushel, as of 0109 GMT, extending gains for a fifth consecutive session.

* Wheat Wv1 rose 0.14% to $5.18 a bushel and corn Cv1 climbed 0.17% to $4.43 per bushel.

* Optimism surrounding soybeans persisted after a temporary suspension of U.S.-China tariffs, raising expectations of renewed Chinese purchases of U.S. farm goods. However, uncertainty remains ahead of the U.S. marketing season.

* U.S. President Donald Trump said on Monday that he could speak with China's President Xi Jinping at the end of the week amid progress between the two economic rivals on a trade deal.

* However, U.S. producers warned that the tariff pause alone will not help U.S. farmers revive soy sales in China unless further concessions are made.

* The USDA supply-and-demand report on Monday lent additional support to soybeans, projecting U.S. soybean ending stocks below analyst estimates.

* In a weekly crop report, the USDA estimated that the condition of U.S. winter wheat crops improved sharply last week, adding pressure on wheat prices.

* In Ukraine, weather conditions in early May were mostly satisfactory for grain fields, but frost and drought in southern regions have damaged or killed some winter wheat, peas, rapeseed and barley crops, state weather forecasters said on Tuesday.

* U.S. farmers had planted 62% of the nation's corn crop by Sunday, higher than analysts' expectations and ahead of the five-year average for this time of year of 56%, the USDA report showed.

* Commodity funds were net sellers of corn, soymeal and soybean futures contracts on Tuesday, traders said. They were net buyers of soyoil and wheat contracts. COMFUND/CBT

MARKET NEWS

* The dollar fell and major U.S. stock indexes rose on Tuesday on news that U.S. consumer inflation picked up less than expected in April when President Donald Trump unveiled a raft of tariffs that has wreaked havoc on global markets.MKTS/GLOB

DATA/EVENTS (GMT)

0600 Germany HICP Final YY April