GRAINS-Soybeans rise as Trump says more China sales coming

By Michael Hogan

HAMBURG, Nov 17 (Reuters) - Chicago soybeans rose on Monday after U.S. President Donald Trump predicted more Chinese buying of U.S. soybeans following the trade war truce between the two countries.

Corn and wheat rose on bargain-buying after Friday’s falls as dealers focused on reduced corn crop estimates from the U.S. Department of Agriculture (USDA).

Chicago Board of Trade most-active soybeans Sv1 rose 1% to $11.35-3/4 a bushel at 1219 GMT. Corn Cv1 climbed 0.2% to $4.31-1/2 a bushel, and wheat Wv1 rose 1.2% to $5.48-1/4 a bushel.

Dealers await more Chinese purchases of U.S. soybeans after the trade truce, with only modest buying so far.

Trump said on Friday that China would buy U.S. soybeans and other farm products and that Washington and Beijing had held talks on the subject.

"Soybeans are rising because of the comments by President Trump late on Friday saying China will buy more soybeans from the U.S." said Matt Ammermann, commodity risk manager at StoneX.

"But today’s rise is modest, the market needs more details as recent comments by other senior U.S. officials have not provided clarity.

"It is still unclear if China has apparently agreed to buy 12 millions tons of U.S. soybeans by the end of this calendar year on December 31 or by the end of this season on August 31. China has made no official confirmation that it will buy U.S. soybeans."

China continues making new purchases of Brazilian soybeans, he added.

The USDA lowered its forecast of U.S. corn and soybeans crops on Friday, the first official estimates since September following the U.S. government shutdown.

"Corn and wheat are seeing a limited technical rebound. Friday’s falls are perhaps being regarded as overdone against the background of a reduced estimate of the U.S. corn harvest from the USDA," he said.