GRAINS-Chicago soybeans extend gains on US-China trade optimism

BEIJING, Oct 21 (Reuters) - Chicago soybean futures extended gains into a fifth consecutive session on Tuesday, as optimism over U.S.-China trade talks lifted hopes for renewed soybean purchases by the world's top buyer.

Corn and wheat tracked soybeans higher, although ample supplies limited gains.

FUNDAMENTALS

As of 0107 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.29% at $10.34-3/4 per bushel, hitting a one-month high.

Corn Cv1 added 0.18% to $4.24 a bushel, while wheat Wv1 gained 0.3% to $5.06-1/4 a bushel.

U.S. President Donald Trump said on Sunday that he wanted China's purchasers to buy soybeans "at least in the amount they were buying before" and that he believed a soybean deal would be reached.

The U.S. soybean harvest was winding down in some areas. Analysts, surveyed by Reuters, on average estimated that the U.S. soybean crop was 73% harvested by Sunday and the corn harvest was 59% complete.

U.S. farmers are widely expected to reap a record corn crop and a bumper soy crop.

Traders said corn markets faced some pressure from tensions between the U.S. and Colombia, a major buyer of U.S. corn.

A U.S. government shutdown has deprived markets of key agricultural data, though White House economic adviser Kevin Hassett said on Monday the shutdown was likely to end this week.

Analysts have raised their estimates of Australia's wheat harvest, a Reuters poll showed.

In China, authorities launched a 60-day campaign to secure wheat planting in the main North China Plain winter wheat belt after heavy rains left fields wet and threatened to delay planting and disrupt next year's grain supply.

Commodity funds were net buyers of CBOT soy, wheat and corn on Monday, traders said. COMFUND/CBT

MARKET NEWS

Major stock indexes gained sharply on Monday with investors looking forward to quarterly earnings reports from big U.S. companies this week, while U.S. Treasury yields edged lower ahead of upcoming U.S.-China trade discussions. MKTS/GLOB