CBOT soybeans rise on firm cash markets, strong crush demand

CHICAGO, Oct 17 (Reuters) - Chicago Board of Trade soybean futures rose for a third straight day on Friday and notched the strongest weekly gain in five weeks on firm cash markets and limited farmer sales of newly harvested crops.

• Hopes for advances in U.S.-China trade talks further supported the market after U.S. President Donald Trump said he still expects to meet with Chinese President Xi Jinping later this month in South Korea.

• Soybeans were supported by strong demand from U.S. processors as historically high crush rates have eased some concerns about a lack of demand for exports to China.

• Trading remained cautious as key crop data was unavailable due to a government shutdown, including recent export sales tallies and updated crop forecasts.

• CBOT November soybeans SX25 settled 8-3/4 cents higher at $10.19-1/2 per bushel for a weekly gain of 1.3%.

• CBOT December soymeal SMZ25 ended $4.10 higher at $281.00 per short ton while December soyoil BOZ25 rose 0.26 cent to end at 50.87 cents per pound.