GRAINS-Chicago soybean futures rise ahead of Trump-Xi meeting; Corn, wheat also firm

BEIJING, Oct 30 (Reuters) - Chicago soybean futures rose on Thursday, ahead of a summit between U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, where a "substantial" soybean trade deal is expected that could help U.S. farmers avert deeper losses.

Corn and wheat also edged higher.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.32% to $10.98 a bushel as of 0041 GMT, hovering near a 15-month high.

CBOT corn Cv1 gained 0.12% to $4.34-1/2 a bushel, while Wheat Wv1 added 0.38% $5.34-1/4 a bushel.

U.S. Treasury Secretary Scott Bessent said on Thursday the U.S. will make an announcement after Trump's meeting with Xi that will be a "resounding victory" for U.S. farmers.

The two world leaders are scheduled to meet later in the day in South Korea.

China's state-owned COFCO bought three U.S. soybean cargoes this week, two trade sources said, the country's first purchases of this year's U.S. harvest.

Analysts said China would need to significantly expand purchases or commit to big future buys to generate excitement in the market.

Analysts estimated weekly U.S. soybean export sales of 600,000-1.6 million metric tons, corn sales of 1.1 million-2.1 million metric tons and wheat sales of 350,000-600,000 metric tons, according to a Reuters poll.

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

Commodity funds were net buyers of CBOT soybeans and grains on Wednesday, traders said. COMFUND/CBT

MARKETS NEWS

Global stocks reversed course and were on pace to snap a four-session gaining streak on Wednesday, while the U.S. dollar extended gains after Federal Reserve Chair Jerome Powell dampened hopes for another U.S. interest rate cut in December. MKTS/GLOB