CBOT wheat futures higher amid U.S.-Iran war

CHICAGO, May 8 (Reuters) - Chicago Board of Trade wheat futures ended higher after seesawing on Friday as market players continued to assess renewed fighting between the U.S. and Iran as well as weather forecasts in the drought-stricken U.S. wheat belts.

• 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.

• Dealers are also monitoring weather in drought-hit U.S. wheat belts, where this week's rainfall missed some critically dry areas and may have arrived too late or in insufficient amounts to prevent crop damage.

• Some rain is forecast next week, but volumes are expected to be moderate while a swing toward warmer weather could also heap stress onto the crop.

• Analysts surveyed by Reuters on average expect the U.S. Department of Agriculture on May 12 to forecast a smaller U.S. 2026/27 winter wheat crop than last year.

• CBOT July wheat WN26 rose 6-3/4 cents to $6.19 per bushel.

• K.C. July wheat KWN26 settled 8-1/2 cents higher to $ per bushel.

• Minneapolis July spring wheat MWEN26 settled 4-3/4 cents higher to $6.78-1/2 per bushel.