SINGAPORE/HAMBURG - Chicago soybeans and corn rose on Monday, supported by expectations of purchases from China as U.S. ​President Donald Trump and Chinese President Xi Jinping are set to meet later this week.

Wheat ​and corn ​were also supported by firmer oil prices, which rose after the United States and Iran failed to reach a peace deal.

Chicago Board of Trade ⁠most-active soybeans rose 1.1% to $12.21-1/2 a bushel at 1054 GMT. Wheat rose 1% to $6.25-1/4 a bushel, corn rose 0.6% to $4.74-1/2 a bushel. Analysts expect China to make a small "goodwill" soybean purchase ahead of Trump’s visit to China between May 14 ​and 15. China ‌could also agree ⁠to more purchases ⁠of U.S. agricultural products at the meeting.

“The market is waiting to see if China makes ​new promises to buy more U.S. soybeans, but the ‌court action cancelling Trump’s import tariffs may have taken ⁠the pressure off the Chinese to buy more,” one European trader said.

Oil prices jumped over 2% on Monday as the U.S. and Iran failed to agree to a peace proposal drafted by Washington, while the Strait of Hormuz remained largely closed, keeping global energy supplies tight.

Dealers are also monitoring the weather in drought-hit U.S. wheat belts, where last week's rainfall missed some critically dry areas and may have arrived too late or in insufficient amounts to prevent crop ‌damage. Only a little rain is forecast in the U.S. ⁠grain belts this week, with volumes expected to be moderate, ​while warmer weather could also threaten crop stress.

Traders said soybean price strength was limited by expectations that the U.S. Department of Agriculture may report fast progress with U.S. ​soybean plantings in ‌its U.S. crop progress report due later on Monday.