Grains-Soybean futures rise on hopes China will buy more US supplies

CBOT corn Cv1 was 13-1/2 cents higher at $5.41 a bushel, while wheat Wv1 gained 12 cents to $7.26-1/4 a bushel.

Wheat rose after drone attacks by Ukraine and Russia reduced hopes for a de-escalation in their war, which has virtually stopped their Black Sea grain exports.

Russian companies have been re-purposing fertilizer, coal, and other cargo terminals at Russia's Baltic and Arctic ports to handle grain exports, five sources told Reuters.

"It feels like neither Russia nor Ukraine is currently seeking de-escalation or diplomacy which would re-open their Black Sea ports to grain export shipments in the near future," Ammermann said.

After trading ends, the US Department of Agriculture is set to issue an update on US corn and soy harvesting, which has been slowed by rain in some areas of the Midwest.

Chicago Board of Trade soybean futures rose on Monday as traders anticipated that a meeting between US President Donald Trump and Chinese President Xi Jinping this week could spur more Chinese buying of American supplies.

Traders focused on the Thursday meeting because China is the world's biggest soybean importer. US Treasury Chief Scott Bessent said he had successful talks with the Chinese on trade issues over the weekend.

"There's some hopeful optimism on what is going to happen Thursday in the meeting," said Jim Gerlach, president of Indiana-based commodity brokerage A/C Trading.

Most-active soybean futures Sv1 rose 23-1/2 cents to $13.27 a bushel by 12:30 p.m. CDT (1730 GMT).

The White House said in May that China had committed to purchasing at least $17 billion of US agricultural products in 2026, 2027 and 2028 following meetings between Trump and Xi.