GRAINS-US soy rises after biggest drop since 2023 on potential Trump-Xi meeting delay

Beijing, March 17 (Reuters) - Chicago soybean futures climbed on Tuesday after hitting their biggest daily drop since 2023 in the previous session, as the market responded to a potential delay to U.S. President Donald Trump's meeting with Chinese President Xi Jinping.

Wheat and corn also climbed more than 1% each.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade Sv1 was up 0.7% at $11.62-3/4 a bushel, as of 0242 GMT.

Wheat Wv1 climbed 1.6% to $6.06-1/2 a bushel and corn Cv1 rose 1.1% to $4.58-3/4 a bushel.

Soybeans experienced their biggest daily drop since 2023 on Monday, falling to their daily limit after hitting near two-year highs last week.

Trump told the Financial Times in an interview on Sunday that he could delay his summit with his Chinese counterpart later this month as he presses Beijing to help unblock the Strait of Hormuz.

A potential delay for the meeting, originally planned for later this month, dampened hopes of more U.S. soybean sales to China.

But the market is also grappling with potentially positive news: U.S. and Chinese economic officials held "remarkably stable" talks in Paris on Sunday on agriculture trade issues ahead of a meeting between Trump and Xi.

China is still committed to buying 25 million metric tons of American soybeans in each of the next three years under the October 2025 U.S and China trade truce.

In South America, offers to sell Brazilian soybeans to China have dried up due to tighter phytosanitary checks and higher freight rates, traders said.

Tighter quality checks during Brazil's peak export season could hit supplies in China, though the market is well-stocked following record purchases last year.

Brazil's 2025/26 soybean output is expected to reach a record 177.85 million metric tons, national crop agency Conab said on Friday, slightly trimming its February forecast of 177.98 million tons.

MARKET NEWS

DATA/EVENTS

0430 Japan Tertiary Ind Act NSA January

1000 Germany ZEW Economic Sentiment, Current Conditions March