CBOT soybeans end nearly unchanged after China buys US cargoes

CHICAGO, Oct 29 (Reuters) - Chicago Board of Trade soybean futures finished nearly unchanged on Wednesday as China's first purchases from the autumn U.S. harvest failed to excite traders, analysts said.

• China's state-owned COFCO bought three U.S. soybean cargoes shortly before a summit of U.S. President Donald Trump and his Chinese counterpart Xi Jinping, two trade sources said.

• Chinese buyers previously shunned soybeans from the autumn U.S. harvest and made large purchases from South American suppliers due to the trade conflict between Washington and Beijing.

• China needs to buy significantly more U.S. soy or commit to big future purchases to generate excitement in the market, analysts said.

• They were waiting for Trump and Xi to meet on Thursday in South Korea.

• Trump said that he and Xi were going to achieve "a good deal" for the two countries.

• Analysts estimated weekly U.S. soybean export sales were 600,000 to 1.6 million metric tons, according to a Reuters poll.

• The U.S. Department of Agriculture suspended weekly export sales reports, normally published on Thursdays, due to the federal government's shutdown.

• CBOT November soybeans SX25 ended 2 cents stronger at $10.80-1/4 per bushel. On Tuesday, the most-active contract Sv1 reached $11.08 a bushel, the highest since July 8, 2024.

• CBOT December soymeal SMZ25 ended up $2.20 at $308.70 per short ton and touched the highest price since May.

• CBOT December soyoil BOZ25 slipped 0.10 cent to 50.16 cents per pound. The contract hit its lowest level since Oct. 1.