CBOT soybeans rise ahead of Xi-Trump summit

CHICAGO, May 8 (Reuters) - Chicago Board of Trade soybean futures rose on Friday as market players anticipated that China may make a soybean purchase ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping next week.

• Analysts believe China will make a small purchase of soybeans, often called a goodwill purchase, ahead of the May 14 to May 15 visit.

• Some analysts believe China will commit to buying a larger amount of U.S. soybeans in the fall.

• Brent crude futures jumped as much as 3% on Friday, a day after the U.S. and Iran traded air strikes, but pared gains as traders hoped for a longer pause in the fighting that has shut shipping in the Strait of Hormuz. O/R

• The U.S. said it expected an Iranian response as soon as later in the day on Friday to its latest proposal to end the war in the Gulf, even as U.S. and Iranian forces clashed in the Gulf and the United Arab Emirates came under renewed attack.

• CBOT July soybeans SN26 rose 15-3/4 cents to $12.08 per bushel.

• CBOT May soyoil BON26 rose 0.17 cent to 74.32 cents per pound.

• CBOT May soymeal SMN26 settled 80 cents higher to $319.70 per short ton.