Chicago Board of Trade soybeans climbed 0.6% to $13.11-3/4 per bushel by 1132 GMT on Monday, as traders positioned ahead of a Thursday summit between President Donald Trump and Chinese President Xi Jinping that could unlock fresh Chinese demand for U.S. supplies.

What is driving soybean and corn prices?

The Trump-Xi meeting is "this week's dominant theme," according to Matt Ammermann, commodity risk manager at StoneX. He said soybeans and corn drew support from hopes that the talks will produce a trade agreement or tariff reductions.

Beijing currently applies a 10% tariff on U.S. soybean imports. Private Chinese buyers are widely expected to resume purchases once that levy comes off.

Ammermann noted that corn could also be part of any bilateral deal, with additional U.S. corn potentially sold to Europe if Ukraine continues to constrain its own exports.

CBOT corn rose 1% to $5.334 a bushel, catching spillover strength from soybeans and wheat.

Why did wheat rally?

CBOT wheat gained 1.1% to $7.214 a bushel after weekend drone strikes by Ukraine, including attacks on Moscow, undercut expectations of a near-term de-escalation in the Russia-Ukraine war and the reopening of Black Sea grain shipping lanes.

"It feels as if neither Russia nor Ukraine are currently seeking diplomacy or de-escalation, which would allow their Black Sea ports for grain exports to reopen in the near future," Ammermann said.

He added that "massive drone strikes over the weekend by Ukraine, specifically on Moscow" reinforced the view that the conflict continues to constrain seaborne grain movement out of the region.

How significant is importer demand?

Importer buying added a floor under wheat. Pakistan purchased 365,000 tonnes on Saturday and followed up with a 185,000-tonne international tender issued Sunday.

The combination of active tender activity from South Asia and ongoing Black Sea supply risk pushed wheat futures higher alongside soybeans and corn, leaving the complex broadly firmer heading into Tuesday's session.

What does the trade summit mean for U.S. growers?

A thaw in U.S.-China trade would land directly on Midwest balance sheets. The 10% Chinese tariff has pressured soybean basis across the Corn Belt since its imposition, narrowing the margin elevators can offer producers at the country elevator.

Any tariff reduction or a confirmed Chinese purchase commitment would tighten basis in the short term and pull additional bushels into export channels ahead of the South American harvest.

For corn, a Chinese purchase program layered on top of European demand would test whether U.S. exporters can sustain shipments into both destinations at once, particularly with Mississippi River logistics still a watch item for delivery into early 2026.

What to watch next?

Traders will parse any joint statement from Thursday's Trump-Xi meeting for tariff language. Overnight reports from Black Sea shipping lanes and any fresh Pakistan tender results will set the tone for Tuesday's session.