BEIJING - Chicago soybean futures rose on Friday, recouping some of the losses ​from the previous session when ⁠prices sank as hopes faded that China would agree to buy more ‌U.S. supplies following a summit between the presidents of both countries.

Corn climbed, while wheat was almost ​flat.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.4% at $11.97 a bushel, ​as of ​0254 GMT, but has lost 0.9% for the week.

Wheat was flat at $6.57-3/4 a bushel, but has gained 6.3% so far this week. Corn climbed 0.6% to $4.70-1/2 ⁠a bushel, but down 0.2% for the week.

U.S. Treasury Secretary Scott Bessent said last night an existing purchase commitment by China meant "soybeans are all taken care of," as U.S. President Donald Trump met Chinese President Xi Jinping in Beijing.

Markets were not anticipating Beijing ​would raise ‌the soybean target beyond ⁠25 million metric ⁠tons, an expectation that was reinforced by Bessent's comments.

However, hopes still remain. U.S. Trade Representative Jamieson Greer ​said on Friday the U.S. expects China to sign ‌up to buy "double-digit billions" worth of U.S. agricultural products over ⁠the next three years.

"Greer's comments are very unclear on whether the expected purchase will include soybeans and what farm products are included. The market is waiting for more details although hopes for more Chinese soybeans buying are not high," said a Shanghai-based analyst who asked not to be named due to the sensitivity of the matter.

Soybeans are the top U.S. export to China, the world's largest buyer by far, and the oilseeds have played a key role in trade negotiations during the ‌first and second Trump administrations.

In South America, dry and cooler weather ⁠expected in top soybean exporter Argentina through May and ​June should accelerate the oilseed harvest after weeks of rain delayed fieldwork, climate specialists told Reuters.

Wheat continued its rally on an unexpectedly low U.S. Department of Agriculture forecast for the crop. ​Farmers will produce ‌1.561 billion bushels of wheat, the lowest since 1972, the USDA ⁠said Tuesday.