GRAINS-Chicago soybeans extend gains as soyoil prices rally

BEIJING, March 19 (Reuters) - Chicago soybean futures climbed on Thursday, tracking gains in soyoil prices driven by higher crude oil, while investors weighed the market impact of the military conflict in the Middle East.

Wheat and corn futures edged higher.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.5% at $11.67 a bushel, as of 0240 GMT. Soyoil BOcv1 gained 0.3% to 65.74 cents per pound.

CBOT wheat Wv1 gained 1% to $6.10, and corn Cv1 climbed 0.7% to $4.66-1/2 a bushel.

Oil prices settled higher on Wednesday and climbed further in extended trade after Iran attacked several energy facilities across the Middle East following a strike on its South Pars gas field, a major escalation in its war with the U.S. and Israel.

Higher crude prices can support soybeans as soyoil is widely used to produce biodiesel fuel. O/R

Corn futures edged higher as strength in crude oil was seen as supportive given corn's role as a feedstock for ethanol.

Wheat futures also jumped on concerns about dry weather in the U.S. Southern Plains, analysts said.

Weather forecaster Vaisala said ongoing dry weather in the central and southern Plains would maintain low moisture for winter wheat over the next 30 to 60 days.

MARKETS

Stocks slid, oil prices jumped while the dollar was steady on Thursday after major escalation in the U.S. and Israel's war with Iran rattled investors while hawkish tone from the Federal Reserve set the stage for the rest of the central bank meetings. MKTS/GLOB

DATA/EVENTS

0700 UK Claimant Count Unem Chng February

0700 UK ILO Unemployment Rate January

0700 UK HMRC Payrolls Change February

1200 UK BOE Bank Rate March

1230 US Initial Jobless Clm March 14, w/e

1230 US Philly Fed Business Index March

1315 EU ECB Refinancing Rate March

1315 EU ECB Deposit Rate March

1400 US New Home Sales-Units January

: : Japan JP BOJ rate Decision March 19