CORRECTED-GRAINS-Soybeans steady as Trump, Bessent comments calm market

By Heather Schlitz

CHICAGO, Oct 13 (Reuters) - Chicago soybean futures firmed on Monday, as comments from U.S. President Donald Trump and Treasury Secretary Scott Bessent calmed markets after trade tensions between the U.S. and China had triggered a sharp decline in the previous session, analysts said.

Wheat was burdened by large global supplies, while corn futures fell on harvest pressure from an ongoing harvest in the U.S. Midwest.

Chicago Board of Trade most-active soybeans Sv1 rose 1/2 cent to $10.07-1/2 a bushel as of 11:30 a.m. CT (1630 GMT).

China, usually a huge buyer of U.S. soybeans, has stopped U.S. purchases.

The latest rupture followed China's announcement on Thursday that it would dramatically expand its rare earths export controls driven by concern over the military applications of these elements at a time of "frequent military conflicts."

That drew a sharp countermeasure from Trump on Friday that sent markets and relations between the world's two largest economies into a spiral.

Trump posted on social media over the weekend that the U.S. did not want to "hurt" China, and in an interview with Fox Business Network Bessent said there were substantial communications between the two sides over the weekend and more meetings were expected.

"The trade is looking at this as another headwind, but not a roadblock," Jim Gerlach, president of A/C Trading, said.

Corn Cv1 fell 2-1/4 cents to end at $4.10-1/2 a bushel, and wheat Wv1 fell 1/2 cent to end at $4.98 a bushel.

U.S. corn and soybean harvests are advancing but traders will not receive their usual detailed Monday USDA crop progress report. Corn futures have come under strain from farmer selling and harvest pressure.

Wheat export competition is intensifying with Russian exports increasing. Global harvest pressure and a lack of weather problems in wheat-producing countries has added additional pressure to wheat futures.