CBOT soybeans climb on hopes for progress in US-China trade talks

CHICAGO, Sept 16 (Reuters) - Chicago Board of Trade soybean futures ended higher on Tuesday, supported by optimism about U.S. trade talks with China, the world's largest soy buyer, tied to news that U.S. President Donald Trump and Chinese President Xi Jinping will speak by phone on Friday.

• CBOT November soybeans SX25 settled up 7 cents at $10.49-3/4 per bushel after reaching $10.52-1/2, the contract's highest since September 2.

• CBOT December soymeal SMZ25 ended up 40 cents at $286.10 per short ton and December soyoil BOZ25 rose 0.94 cent to finish at 53.20 cents per pound.

• Uncertainty about the size of the U.S. corn and soybean crops lent support. Some market players expect the U.S. Department of Agriculture to lower its national soybean and corn yield estimates in its next montly report in mid-October, given dry conditions in recent weeks.

• The U.S. harvest is still in its early stages. The USDA said the soybean harvest was 5% complete as of Sunday, in line with trade expectations and ahead of the five-year average pace of 3%.

• Soyoil futures surged ahead of a Trump administration proposal to address the reallocation of biofuel blending obligations that were recently waived for small oil refineries. Soyoil is a major U.S. feedstock for biodiesel fuel.

• Feed millers in Vietnam are taking advantage of bargain prices with rare purchases of Canadian canola meal after China, its traditional buyer, curbed imports, three traders said.