Soybeans rise as traders await Trump-Xi meeting, meal sets highs

Most-active soybean futures closed up 1-3/4 cents at $13.20-1/2 a bushel. Soymeal futures ended up $0.20 at $365.60 per short ton after rising earlier to a high of $368.70.

Wheat futures also advanced on the CBOT, with the most-active contract finishing up 2-1/4 cents at $7.30-3/4 a bushel.

But corn futures ended down 1-1/2 cents at $5.34-1/4 a bushel as traders awaited U.S. harvest results.

The U.S. Department of Agriculture lowered its corn production and yield estimates in a monthly report on Friday. However, the agency raised the crop's good-excellent rating by 1 percentage point in a weekly report on Monday.

Farmers harvested 8% of the nation's corn crop and 6% of the soybean crop as of Sunday, according to USDA.

"The corn market is just on hold," said Don Roose, president of brokerage U.S. Commodities. "It's up to the combine."

Rains in parts of the upper Midwest have slowed harvesting, said Brian Hoops, president of Midwest Market Solutions.

"It appears to be funds are looking to unwind some of their net long positions in the grains as we begin harvest activities," he said.

"Forecasts suggest activity will begin again next week, and funds are interested in shedding market length without pressuring values too much."

Chicago Board of Trade soybean futures rose on Wednesday and reached contract highs in deferred months on hopes of increased Chinese demand.

Soymeal futures also set contract highs.

Traders waited to see whether top importer China would ramp up purchases of U.S. soybeans in conjunction with an expected meeting between Presidents Donald Trump and Xi Jinping in Washington next week. On Tuesday, U.S. Treasury Secretary Scott Bessent disclosed plans to meet with his Chinese counterpart this weekend.