CORRECTED-GRAINS-Soybeans jump as Bessent points to possible Trump-Xi talk optimism

By Ella Cao and Lewis Jackson

BEIJING, Oct 27 (Reuters) - Chicago soybean futures touched their highest level in more than two months on Monday, as renewed optimism over Chinese buying lifted sentiment after Treasury Secretary Scott Bessent said the two nations' leaders could discuss "substantial" soybean deals in a possible meeting.

As of 0124 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 climbed 1.42% at $10.56-1/2 per bushel, hitting their highest level since August 25.

Markets are closely watching a highly anticipated meeting between Trump and Xi in South Korea this week. Washington has continued to signal optimism over a potential soybean deal with Beijing. China, so far, has not yet officially confirmed the meeting.

U.S. Treasury Secretary Scott Bessent said on Sunday that he anticipates that China will revive substantial purchases of U.S. soybeans for several years and will delay its expanded licensing regime for rare earths by a year and re-examine it after two days of trade talks in Malaysia.

When Trump and Xi announce a trade deal next Thursday U.S. soybean farmers "will feel very good about what's going on both for this season and the coming seasons for several years," Bessent said on ABC's "This Week" program.

"There are great hopes that all is forgiven and we are back to normal, yet most traders have forgotten that the same promises were made and loudly announced just four months ago," said Ole Houe, director of advisory services at IKON Commodities in Sydney.

"There is still a long way to go before we see the first boats arriving in China and a lot can happen," He added.

Analysts have said a major soybean deal could help U.S. farmers avert deeper losses, though China's import window is narrowing as buyers continue to secure cargoes from South America.

Corn and wheat also tracked soybeans higher. Corn Cv1 added 1.42% to $4.29-1/4 a bushel, while wheat Wv1 gained 1.9% to $5.22-1/4 a bushel.

"In our view, the enthusiasm is unlikely to be able to hold more than a day or two for wheat and corn, as supplies remain abundant," said Houe.