Chicago wheat briefly rises over 1 pct in Asia

TOKYO (Reuters) - Chicago Board of Trade wheat futures were higher on Monday after briefly rising by more than 1 percent, supported by expectations of solid demand from importers on price falls.

News on Sunday that Saudi Arabia, currently self-sufficient in wheat, is likely to start importing the grain in the third quarter of 2008 also helped buoy the market.

CBOT wheat prices hit a nine-month trough last week, weighed down by the looming active harvest of the U.S. winter wheat crop.

As of 0051 GMT, the CBOT wheat contract for July delivery WN8 was up 4-¼ cents per bushel at $7.65-¾ in electronic trade in Asia after rising as high as $7.72-3/4.

Last week the July contract fell as low as $7.30-3/4, the lowest for any front month since late August. It was the July contract's lowest level in six months.

Prices of other grains were little changed from Chicago closes on Friday.

CBOT July soybean futures fell ¾ cents to $13.62-¾ per bushel. The contract rose 3 percent on Friday amid good export demand for American soy as the Argentine farm strike has paralyzed trade in one of the world's top soybean exporters, traders said.

CBOT July corn was down 2-¼ cents at $5.97 per bushel.

(Reporting by Risa Maeda)