CBOT soybeans higher after Trump announces talks with Xi

CHICAGO, Oct 1 (Reuters) - Chicago Board of Trade soybean futures rebounded on Wednesday after falling below the psychological $10 threshold after U.S. President Donald Trump said soybeans will be a major topic of discussion when he meets with Chinese President Xi Jinping in four weeks.

• CBOT November soybeans SX25 settled 11-1/4 cents higher to $10.13 per bushel.

• CBOT December soymeal SMZ25 ended 30 cents higher to $273.60 per short ton while December soyoil BOZ25 rose 0.93 cent to end at 50.42 cents per pound.

• Earlier in the session, soybeans dropped below the psychological $10 threshold after U.S. lawmakers said China is unlikely to make purchases of U.S. soybeans in the near future.

• Soybean prices have been dampened in the past week by concern over China shunning U.S. supplies in favor of imports from South America, just as the U.S. new crop is being harvested.

• China booked a large volume of Argentine soybeans last week during a brief export tax waiver decreed by Buenos Aires, according to traders.

• The U.S. Department of Agriculture reported that there were 316 million bushels of soybeans in storage as of September 1, compared with 342 million a year ago, according to its quarterly stocks report. Analysts expected 323 million bushels.