GRAINS-Chicago soybean futures rise, traders eye Trump-Xi meeting for possible trade deal

BEIJING, Oct 30 (Reuters) - Chicago soybean futures rose on Thursday amid expectations that the crucial meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping could result in a soybean trade agreement, which would help U.S. farmers avoid further losses.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.43% to $10.99-1/4 a bushel, as of 0241 GMT, hovering near a 15-month high.

Leaders of the world's two largest economies are meeting in South Korea. Trump said earlier, while greeting Xi, that a trade deal could be signed.

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

"Attention in the market is focused on potential trade commitments that may emerge from today's meeting between Trump and Xi," said Josh Lawrence, advisor at IKON Commodities in Sydney.

"While sentiment has turned more supportive in recent days, additional buying interest is likely to be tempered by China's existing purchase commitments from South America," Lawrence added.

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

CBOT corn Cv1 gained 0.35% to $4.35-1/2 a bushel, while wheat Wv1 was 0.23% higher at $5.33-1/2 a bushel.

Analysts estimated weekly U.S. soybean export sales of 600,000-1.6 million metric tons, corn sales of 1.1-2.1 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