GRAINS-Chicago soybean futures rise after US-China talks

BEIJING, Jan 22 (Reuters) - Chicago Board of Trade soybean futures climbed on Thursday after talks between U.S. and Chinese officials raised hopes that top soy importer China will continue to buy from the United States, boosting its export sales.

Wheat and corn futures also gained.

FUNDAMENTALS

The most-active soybeans contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $10.66-1/2 a bushel at 0200 GMT, with CBOT wheat Wv1 climbing 0.3% to $5.09-1/4 a bushel and corn Cv1 up 0.2% at $4.22-3/4 a bushel.

Prices of all three crops remain under pressure from ample global supply. Soybeans have risen from a four-year low of $9.45-1/4 in 2024 but remain far below their levels in 2021-23.

U.S. Treasury Secretary Bessent said he held "positive" talks with Chinese Vice Premier He Lifeng, raising hopes that China will buy more U.S. beans after fulfilling a pledge made last year to purchase 12 million tons.

Hanging over the market is the prospect of a record harvest in top soybean producer Brazil. However, a slow start to harvesting has helped lift CBOT prices, according to Consus Ag Consulting.

Weekly U.S. export inspection data provided support for CBOT markets, with volumes beating expectations for corn and near the top end of forecasts for wheat and soybeans. USDA/EST

Commodity funds were net buyers of CBOT soybean and soyoil futures on Wednesday, traders said. CBOT/FUNDS

MARKET NEWS

A stronger U.S. dollar typically weighs on U.S. commodity prices by making them costlier for buyers with other currencies, but the greenback is down this week. USD/

DATA/EVENTS (GMT)

0500 Japan Chain Store Sales YY Dec

1330 US GDP Final Q3

1330 US Initial Jobless Clm 17 Jan, w/e

1500 US Consumption, Adjusted MM Nov

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1500 US PCE Price Index MM Nov

1500 US PCE Price Index YY Nov