Chicago wheat futures firm on export deal hopes, traders adjusting positions

CHICAGO, Oct 28 (Reuters) - Chicago Board of Trade wheat futures finished higher on Tuesday as trader optimism for a U.S.-China trade deal continued to bolster grain and soybean markets.

• Grain and soybean futures continued to rally, partly because traders adjusted their positions as some markets were oversold and undervalued, they said.

• CBOT December soft red winter wheat WZ25 closed up 3 cents at $5.29 per bushel.

• K.C. December hard red winter wheat KWZ25 ended up 5-3/4 cents at $5.20 a bushel, and Minneapolis December spring wheat MWEZ25 settled up 1-1/2 cents at $5.61-3/4 a bushel.

• Cash market basis bids for hard red winter (HRW) wheat were unchanged in the U.S. Plains on Tuesday as futures bounced and wheat planting carried on.

• 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.

• Across most of the European Union, winter crop sowing is progressing well, although delays are reported in parts of southeastern Europe due to adverse weather, crop monitoring service MARS said on Monday.

• European Union soft wheat exports since the start of the 2025/26 season in July had reached 6.25 million metric tons by October 26, compared with 5.87 million the previous week, and down 21% on a year earlier, European Commission data showed on Tuesday.