GRAINS-Soybeans hit four-month highs on US-China trade deal hopes

BEIJING/HAMBURG, Oct 27 (Reuters) - Chicago soybeans rose on Monday on hopes the United States could re-start its soybean exports to China after U.S. President Donald Trump said he hoped to reach a trade deal with China during his visit to Asia this week.

Chicago Board of Trade's most active soybeans Sv1 rose 1.9% to $10.61-1/2 per bushel at 1009 GMT, their highest in around four months.

Corn and wheat received spillover support from soybeans. Corn Cv1 rose 1.4% to $4.29-1/2 a bushel, wheat Wv1 rose 2.1% to $5.23-1/4 a bushel.

Traders hope a possible U.S.-China trade deal could restart the United States' massive soybean exports to China, which were brought to a virtual stop by the trade war between the two countries.

Trump said on Monday the U.S. and China are set to "come away with" a trade deal, and he is expected to meet Chinese President Xi Jinping later this week in South Korea during his Asia tour .

"Soybeans are rising because of the optimistic news about the China trade talks, also supporting corn and wheat," said Matt Ammermann, commodity risk manager at StoneX. "But the market needs facts and details on any U.S./China deal as currently fear and hype are the main trading factors."

"The core question is whether China will resume U.S. soybean buying."

U.S. Treasury Secretary Scott Bessent on Sunday said U.S. and Chinese officials have agreed a framework trade deal and he anticipates China will revive substantial purchases of U.S. soybeans with trade talks in Malaysia this week.

"Talk is China continues to book Brazilian soybean cargos for December-March shipment," Ammermann said. "But it appears China still has 5-8 million tons of required soybean purchases to bridge the gap to Brazil's new crop, so China still has a supply requirement which could be transferred to the U.S.”