CBOT soybeans lifted by crude oil's surge, US-China trade optimism

CHICAGO, Oct 23 (Reuters) - Chicago Board of Trade soybean futures rose on Thursday to a one-month top, spurred by a jump in crude oil CLc1 following U.S. sanctions on Russia's two biggest oil firms, along with hopes for progress in U.S.-Chinese trade talks, traders said.

• U.S. President Donald Trump maintained an upbeat tone about reaching agreements with his Chinese counterpart Xi Jinping when they are due to meet in South Korea next week, reiterating that the resumption of soybean purchases is a key area of discussion.

• CBOT November soybeans SX25 settled up 10 cents at $10.44-3/4 per bushel after reaching $10.45, the contract's highest since September 19.

• CBOT December soymeal SMZ25 ended up $2.30 at $292.30 per short ton and December soyoil BOZ25 rose 0.80 cent to finish at 50.87 cents per pound.

• Crude oil CLc1 soared around 5% after the U.S. imposed sanctions on major Russian suppliers Rosneft and Lukoil over Moscow's war in Ukraine. The sanctions mean refineries in China and India will need to seek alternative suppliers to avoid exclusion from the Western banking system, analysts said. O/R

• Soybeans and soyoil sometimes follow trends in crude oil futures given soyoil's role as the main U.S. feedstock for biodiesel fuel.

• The U.S. Department of Agriculture has suspended the release of its weekly export sales report due to the ongoing government shutdown.

• Analysts surveyed by Reuters estimated U.S. soybean export sales for the week ended October 16, which would have been covered in Thursday's scheduled report, at 600,000 to 2,000,000 metric tons.