(New throughout; updates prices, adds quotes, changes byline, dateline, previous PARIS/MANILA) CHICAGO, Nov 16 (Reuters) - U.S. soybean futures turned higher Friday after President Donald Trump said China had sent a list of things it was willing to do to resolve trade tensions with the United States and his administration may not have to impose further tariffs. Wheat added to early advances and corn pared losses after the comments. Trump has imposed tariffs on $250 billion of Chinese imports to force concessions from Beijing on a list of demands that would change the terms of trade between the two countries. China, the world's biggest soy buyer, has responded with import tariffs on U.S. goods, including soybeans. Trump has also threatened to impose tariffs on all remaining Chinese imports, about $267 billion worth, if Beijing fails to address U.S. demands. "We may not have to do that," Trump told reporters on Friday. "China would like to make a deal." At the Chicago Board of Trade as of 12:59 p.m. CST (1859 GMT), January soybeans were up 4-1/4 cents at $8.93 per bushel, after dipping to $8.81-3/4. CBOT December wheat was up 2-1/4 cents at $5.07-3/4 a bushel while December corn was down 2-1/4 cents at $3.65-1/4 a bushel. Trump's comments triggered a bounce in a soy market that has been highly sensitive to news about U.S.-China trade relations. U.S. soybean shipments to China have dried up in recent months after Beijing raised tariffs as part of the trade row between the world's two biggest economies. An expected meeting between Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in two weeks has raised hopes of a settlement. "You have a lot of speculative shorts in the soybean market that are nervous. They are bearish soybean fundamentals, but know that if there is a deal, they are at risk," said Arlan Suderman, INTL FCStone chief commodities economist. Soymeal futures got an added boost after the U.S. Department of Agriculture reported export sales in the latest week at 432,300 tonnes, topping trade expectations.
CBOT wheat firmed on technical buying and short-covering. Commodity funds hold a net short position in CBOT wheat, leaving the market vulnerable to bouts of short-covering. Corn futures eased despite the USDA reporting weekly corn export sales of 893,900 tonnes (old and new crop years combined), toward the high end of trade expectations. Traders were still absorbing the USDA's larger-than-expected world corn stocks forecast, said Jason Roose of Iowa-based U.S. Commodities. The USDA on Nov. 8 raised its forecast of global 2018/19 corn ending stocks to 307.5 million tonnes, from 159.35 million previously, reflecting revised Chinese stocks figures. "There is still really no shortage of grain," Roose said.
CBOT prices as of 1:07 CST (1907 GMT):
Last Net Pct Volume change change CBOT wheat WZ8 508.00 2.50 0.5 33227 CBOT corn CZ8 365.00 -2.50 -0.7 146664 CBOT soybeans SF9 892.00 3.25 0.4 65552 CBOT soymeal SMZ8 310.70 5.30 1.7 44299 CBOT soyoil BOZ8 27.36 -0.33 -1.2 45791
NOTE: CBOT December wheat and corn and January soybeans shown in cents per bushel, December soymeal in dollars per short ton and December soyoil in cents per lb.
(Additional reporting by Gus Trompiz in Paris and Manolo Serapio Jr. in Manila Editing by Louise Heavens and James Dalgleish)