CBOT Trends-Soy up 5-7 cents, corn down 1-2 cents, wheat down 3-4 cents

CHICAGO, May 4 (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 - Down 3 to 4 cents per bushel

• Wheat futures head lower, lead by declines in K.C. hard red winter wheat futures due to forecasts for beneficial rains in drought-hit areas of the southern Plains. An upturn in crude oil futures CLc1 lent underlying support to the CBOT grains complex.

• Traders await updated crop condition ratings from a weekly U.S. Department of Agriculture crop report later on Monday.

• Indian traders have begun exporting wheat for the first time in four years as ample stocks, higher global prices and firmer freight rates have opened a window for them to make small shipments to buyers in Asia and the Middle East, trade sources said.

• The CBOT reported 138 deliveries against CBOT May WK26 wheat futures and 36 deliveries against K.C. May KWK26 hard red winter wheat futures. WHE/D

• CBOT July soft red winter wheat WN26 was last down 4-1/4 cents at $6.33-1/2 per bushel. K.C. July hard red winter wheat KWN26 was last down 9 cents at $6.85-1/2 a bushel, and Minneapolis July spring wheat MWEN26 was last down 7-3/4 cents at $6.96-1/4 a bushel.

CORN - Down 1 to 2 cents per bushel

• Corn futures turned lower ahead of the daily pause in trade, awaiting fresh direction, with the benchmark CBOT July corn contract CN26 hovering just below a near six-see high set on Friday. Higher crude oil CLc1 futures lent support.

• The USDA is scheduled to give a weekly update later on Monday on U.S. planting progress, which has been running ahead of schedule so far this spring.

• The CBOT reported 311 deliveries against CBOT May CK26 corn futures, with the ADM house account stopping 269 lots. COR/DEL

• CBOT July corn CN26 was last down 2 cents at $4.78-1/4 per bushel.

SOYBEANS - Up 5 to 7 cents per bushel

• Soybean futures headed higher early moves, with analysts citing a strong U.S. crushing pace and optimism about the upcoming U.S.-China summit in mid-May, as well as rising crude oil CLc1 futures, given soyoil's role in production of biodiesel.

• The CBOT reported 309 deliveries against CBOT May SK26 soybean futures, with the Bunge house account receiving 145 lots. SOY/DEL

• The exchange reported 29 deliveries against May soyoil BOK26 futures and no deliveries against May soymeal futures. SBO/DEL MEAL/DEL

• CBOT July soybeans SN26 were last up 6-3/4 cents at $12.10 per bushel.