GRAINS-Chicago soybean futures rise after US-China talks

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 would continue buying from the United States, boosting its export sales.

Wheat and corn futures also gained, aided by dry conditions in Argentina and cold weather in the Black Sea region that could impact crop production.

The most-active soybeans contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $10.66-1/2 a bushel, as of 0452 GMT.

CBOT wheat Wv1 climbed 0.2% to $5.09 a bushel, and corn Cv1 was up 0.2% at $4.22-1/2 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, fuelling optimism that China will buy more U.S. beans after fulfilling a pledge made last year to purchase 12 million metric tons.

"If China continues buying U.S. soybeans, the likelihood of a year-on-year drawdown in U.S. soybean inventories increases," said a Beijing-based analyst.

"We expect U.S. soybeans and U.S. soybean oil to trade in a choppy but generally stronger range," the analyst said.

However, China is likely to step up purchases of cheaper beans from top producer Brazil, which is beginning what is expected to be a record-breaking harvest, and may have limited need for U.S. soy in the coming months unless its prices fall.

"I would not be surprised if things remain frozen for a while," said Vitor Pistoia, a grains and oilseeds analyst at Rabobank.

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