CBOT Trends-Wheat down 2-4 cents, corn flat-up 2 cents, soy down 5-7 cents

CHICAGO, March 2 (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. CST (1430 GMT) on Monday:

WHEAT - Down 2 to 4 cents per bushel

• CBOT May wheat WK26 reached the highest level since July as the U.S.-Iran military conflict fueled short-covering.

• The market then pulled back on profit-taking and as rain was expected to benefit the U.S. winter wheat crop, traders said.

• Saudi Arabia's main state buying agency said it purchased about 794,000 metric tons of wheat in an international tender, exceeding the 655,000 tons that it sought.

• CBOT May soft red winter wheat WK26 was last down 3-1/4 cents at $5.88-1/4 per bushel. K.C. May hard red winter wheat KWK26 was last up 3-3/4 cents at $5.84-1/4 per bushel, and Minneapolis May spring wheat MWEK26 rose 3/4 cent to $6.13-1/2 per bushel

CORN - Flat to 2 cents higher

• CBOT May corn CK26 touched their highest level since January 12, when the U.S. Department of Agriculture issued larger-than-expected U.S. production and supply estimates that tanked the market.

• The contract was last up 1/2 cent at $4.49 per bushel.

• Short covering and gains in energy prices helped support corn futures amid concerns over the Iran conflict, traders said.

• Consultancy Safras & Mercado trimmed its estimate for Brazil's 2025/26 corn output.

SOYBEANS - Down 5 to 7 cents

• CBOT May soybeans SK26 set a contract high before pulling back.

• Traders watched outside markets as oil prices surged, the dollar jumped and shares slid over concerns about military conflict in the Middle East.

• Traders were also watching for Chinese purchases of U.S. soybeans amid tariff uncertainty and ahead of President Donald Trump's trip to China this spring.

• In top exporter Brazil, 2025/26 soybean output was expected to reach 178 million metric tons, down from a previous forecast of 181 million, consultancy AgRural said.

• CBOT May soybeans SK26 were last down 5-1/2 cents at $11.65-1/4 per bushel.