GRAINS-Chicago soybeans rise on US-China trade talks optimism
BEIJING, Oct 20 (Reuters) - Chicago soybean futures rose on Monday, buoyed by renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean deal.
Wheat gained on bargain-buying, while corn eased slightly with traders remaining cautious in the absence of fresh data from the U.S. Department of Agriculture (USDA) amid a government shutdown.
FUNDAMENTALS
As of 0059 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.42% at $10.23-3/4 per bushel.
Corn Cv1 dipped 0.06% to $4.22-1/4 a bushel, while wheat Wv1 added 0.5% to $5.06-1/4 a bushel.
Trade talks between the U.S. and China appeared to be back on track following weeks of fresh tariff threats and export restrictions.
Trump said on Sunday he wanted China to buy soybeans "at least in the amount they were buying before" and that he believed a soybean deal would be reached.
Traders remained cautious as the U.S. government shutdown deprived the market of key data, including corn and soybean harvesting progress and updated yield estimates.
Reports of yield shortfalls have raised doubts about recent government forecasts, despite expectations for a record U.S. corn crop and a bumper soy crop.
In top soy exporter Brazil, farmers had planted 23.27% of their expected 2025 soybean area, up sharply from 9.33% in the same period last year, according to Patria Agronegocios on Friday.
Ample global supplies capped wheat's gains, though low prices have drawn renewed buying interest from importers.
Commodity funds were net buyers of CBOT soy, corn and wheat on Friday, traders said. COMFUND/CBT
MARKET NEWS
Asian share markets pushed higher on Monday amid optimism on earnings as reporting season gets into full swing, while a reading on U.S. inflation is expected to be no more than a speed bump on the way to further rate cuts. MKTS/GLOB
DATA/EVENTS (GMT)
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