Soybean futures rally on hopes of Chinese buying

CBOT corn Cv1 ended up 15-1/2 cents at $5.43 per bushel.

Traders monitored US weather amid concerns about rain delaying farmers' harvests in parts of the Midwest.

After trading ended, the US Department of Agriculture reported the corn harvest was 13% complete as of Sunday and soybeans were 12% harvested, ahead of their five-year averages.

For wheat, futures 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.

"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.

CBOT wheat Wv1 closed up 12-1/2 cents at $7.26-3/4 per bushel.

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

Corn and wheat futures also advanced.

Traders focused on the Thursday meeting because China is the world's biggest soybean importer. US Treasury Secretary 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 closed up 24-1/2 cents at $13.28 per bushel, near a multi-year high.

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.