GRAINS-Soybeans jump to 15-month high on Chinese demand hopes

SINGAPORE, Nov 3 (Reuters) - Chicago soybean futures gained more ground on Monday, with prices climbing to a 15-month high as China's return to the U.S. market continued to buoy prices.

Wheat hit a three month high, while corn edged higher, tracking gains in soybeans, although plentiful global grain supplies are likely to limit the upside in prices.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.7% to $11.23 a bushel, as of 0109 GMT, the highest since July 2024. Wheat Wv1 rose 0.6% to $5.37-1/2 a bushel, the highest since late July and corn Cv1 added 0.5% to $4.33-1/2 a bushel.

U.S. officials last week said China, the world's biggest soybean importer, would buy tens of millions of tons of U.S. crops in the next few years as part of a trade deal, triggering a rally in prices.

China previously shunned U.S. soybeans due to its trade conflict with Washington and bought from South America instead.

Even though the commitment falls short of China's usual purchase volumes of U.S. soybeans in recent years, it is still a positive sign compared with the complete absence of Chinese buying from this year's harvest.

China's state-owned COFCO has bought three U.S. soybean cargoes, the country's first purchases from this year's U.S. harvest.

The market is awaiting further announcements from Chinese authorities on potential reductions in import tariffs on U.S. agricultural products.

MARKET NEWS

Global stocks were on pace for their third straight week of gains and seventh consecutive monthly advance on Friday buoyed by strong gains in megacap Amazon after its quarterly earnings, while the dollar climbed after hawkish comments from some Federal Reserve officials. MKTS/GLOB

DATA/EVENTS (GMT)

0145 China RatingDog Manufacturing PMI Final Oct

0850 France HCOB Manufacturing PMI Oct

0855 Germany HCOB Mfg PMI Oct

0900 EU HCOB Mfg Final PMI Oct

0930 UK S&P GLOBAL MANUFACTURING PMI Oct

1445 US S&P Global Mfg PMI Final Oct

1500 US ISM Manufacturing PMI Oct