CBOT wheat sets one-month high on US-China deal hopes

CHICAGO, Oct 27 (Reuters) - Chicago Board of Trade wheat futures finished higher on Monday as hopes for a U.S.-China trade deal lifted grain and soy markets, traders said.

• CBOT soybeans set a four-month high on hopes China will resume purchasing U.S. supplies as part of a potential deal, traders said. Buying spilled into the wheat and corn markets from soybeans, they said.

• U.S. Treasury Secretary Scott Bessent told NBC on Sunday that China will make "substantial" purchases of U.S. soybeans under a proposed trade deal framework, after Chinese buyers shunned soy from the autumn U.S. harvest due to the trade war.

• U.S. President Donald Trump said the U.S. and China were set to "come away with" a trade deal, as he was expected to meet Chinese President Xi Jinping on Thursday in South Korea.

• Farmers continue to plant the U.S. winter wheat crop that will be harvested in 2026. Analysts on average estimated winter wheat planting as 84% complete, up from last week's average trade estimate of 75%, according to a Reuters poll.

• CBOT December soft red winter wheat WZ25 closed up 13-1/2 cents at $5.26 per bushel.

• The most-active contract reached its highest price since September 18.

• K.C. December hard red winter wheat KWZ25 ended up 12-3/4 cents at $5.14-1/4 a bushel, and Minneapolis December spring wheat MWEZ25 was last up 3-1/4 cents at $5.60-1/4 a bushel.

• European wheat futures also advanced.