Chicago Board of Trade (CBOT) soybean and corn futures closed higher on Monday, boosted by reports about the progress made in U.S.-China trade talks.

The most active soybean contract for May delivery once rose more than 1 percent in the morning trading, following weekend reports from The Wall Street Journal and Bloomberg News that a U.S.-China trade deal has moved ever nearer.

During the weekend, Guo Weimin, spokesperson for China's national political advisory body, told reporters in Beijing that reaching a mutually beneficial agreement as soon as possible will not only benefit China and the United States, but also be good news for the world economy.

Optimism about a U.S.-China trade deal lured funds into buying. CBOT traders estimated that funds bought 4,800 contracts of soybeans, 4,300 contracts of corn and 1,200 contracts of wheat.

CBOT soybeans posted gains as China is the world's top buyer, and corn was also on the rise amid hopes that China may buy more U.S. agricultural products once an agreement is reached.

"The bullish news that there's a deal on the horizon, that (corn) exports are actually looking well and even the ethanol margins are also on the upswing...this trade deal is really helping the market," said Virginia McGathey, a market analyst with McGathey Commodities.

At the end of the session, the most active soybean contract for May delivery was up 4.5 cents, or 0.49 percent to close at 9.16 dollars per bushel. May corn was up 1.75 cents, or 0.47 percent, to settle at 3.7475 dollars per bushel. May wheat went down 1.75 cents, or 0.38 percent, to close at 4.555 dollars per bushel. 

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