CBOT soybeans dip on profit — taking; US — China summit awaited

CHICAGO, Sept 18 (Reuters) — Chicago Board of Trade soybean futures ended lower on Friday as traders booked profits after last week's multiyear highs, crude oil prices sagged and harvesting expanded in the Midwest despite scattered rains, traders said. Market players await next week's meeting between presidents Donald Trump and Xi Jinping, in which Chinese purchases of soybeans and other US agricultural goods will be among trade issues in focus. A weekend meeting between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will set the stage for next week's Trump-Xi summit. The US Department of Agriculture, under its daily reporting rules, confirmed private sales of 111,000 metric tons of soybeans to China. CBOT November soybeans settled down 16-1/4 cents, or 1.2%, at $13.03-1/2 per bushel. The November contract stayed below last week's top of $13.35-1/4, the highest on a continuous chart of the most-active soybean contract since December 2023. CBOT December soymeal ended Friday down $12.70, or 3.4%, at $358.60 per ton, cooling after firm Midwest cash markets lifted the contract to a life-of-contract high a day earlier. CBOT December soyoil fell 0.93 cent, or 1.3%