* Wheat dips after rallying more than 3 pct on Friday
* Soybeans jump on expectations of China buying U.S. cargoes
* Wheat was supported in previous session by concerns Russia may curb grain exports
(Adds details, quotes) SINGAPORE, Aug 20 (Reuters) - Chicago soybean futures climbed more than 1 percent on Monday as traders expect China to resume purchases of U.S. cargoes after planned talks between the two nations. Wheat dropped as the market eased after climbing more than 3 percent on Friday although losses were checked by concerns that Russia may limit exports. The most-active Chicago Board Of Trade soybean contract was up 1.1 percent at $9.02-3/4 a bushel, as of 0342 GMT, hovering near the session high of $9.07 a bushel, the highest since Aug 9. Wheat slipped 0.7 percent to $5.75-3/4 a bushel and corn gained 0.2 percent to $3.79-1/2 a bushel. Soybeans are drawing support after the Wall Street Journal reported last week that the United States and China are working on a plan to resolve their trade dispute by November.
China is the world's top importer of soybeans, and last year it bought shipments from the United States worth some $12 billion, making the oilseed America's top farm export to China. The trade stand-off, however, has prompted Beijing to impose extra tariffs on imports of U.S. soybeans and shift its purchases to Brazil. "They have to resolve the dispute, China needs U.S. beans in the fourth quarter," said one Singapore-based soybean trader at an international trading company. "Chinese market is under pressure because of a temporary oversupply situation and swine flu." China's soybean and soymeal futures slid about 2 percent on Monday. Prices fell as worries about the impact of the U.S.-China trade spat eased and concerns mounted over falling demand for livestock feed as China confirmed its third case of the deadly African swine fever. The Cemtex Pioneer, a vessel carrying U.S. soybeans that was caught up in the China-U.S. trade row, has left east China's port of Nantong near Shanghai after unloading. Wheat is being supported by concerns over slowing supplies from Russia, the world's largest exporter of the grain. Russia will consider restricting 2018-19 shipments once they reach 30 million tonnes, following a request from meat-producing regions, according to traders who met the agriculture ministry. The ministry denied it discussed export curbs. However, the meeting still added to doubts about Russia's ability to export a projected 35 million tonnes of wheat. Commodity funds were net sellers of CBOT corn, soybean and soymeal futures contracts and net buyers of wheat and soyoil futures on Friday, traders said.
Grains prices at 0342 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 575.75 -4.00 -0.69% +4.30% 549.52 57 CBOT corn 379.50 0.75 +0.20% +0.93% 372.39 56 CBOT soy 902.75 10.00 +1.12% +3.88% 877.92 60 CBOT rice 10.45 $0.10 +0.97% +1.21% $11.48 34 WTI crude 65.65 -$0.26 -0.39% +0.98% $68.75 36
Euro/dlr $1.143 $0.005 +0.47% +0.75% USD/AUD 0.7306 0.005 +0.65% +0.95%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)