GRAINS-Soybeans rise on Chinese demand hopes; corn, wheat firm

By Naveen Thukral

SINGAPORE, Nov 10 (Reuters) - Chicago soybeans rose for a second session on Monday, supported by an improvement in Washington-Beijing trade relations, although gains were capped as traders awaited signs of further Chinese purchases of U.S. cargoes.

Corn and wheat edged higher, although ample world supplies of both grains limited the upside potential in prices.

"Soybeans have firmed up today, but we are still below the highs seen recently, as we have yet to see China buying big volumes from the U.S.," said one oilseed trader.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.4% at $11.21-1/2 a bushel, as of 0346 GMT. Corn Cv1 added 0.1% to $4.27-3/4 a bushel and wheat Wv1 gained 0.3% at 5.29-1/4 a bushel.

China will restore soybean import licences for three U.S. firms and lift its suspension on U.S. log imports starting November 10, its customs authority said on Friday, in another sign of easing trade tensions between the two nations.

China resumed modest purchases of U.S. farm products, but traders awaited more significant soybean buying after the White House said Beijing pledged to buy 12 million tons of U.S. beans by the end of 2025.

Corn rose but faced headwinds from larger supplies as the U.S. harvest approaches completion.

Wheat prices have been weighed down by accelerating exports from Russia and competition from new harvests starting in southern hemisphere exporters Argentina and Australia.