Beijing, May 14 (Reuters) - Chicago Board of Trade soybeans fell on Thursday, as traders closely monitored potential deals for China to buy more U.S. agricultural goods after the leaders of the two countries meet later in the day.

Corn and wheat rose.

FUNDAMENTALS

* The most-active soybeans contract on the Chicago Board of Trade (CBOT) Sv1 dropped 0.2% to $12.26 a bushel by 0130 GMT. Wheat Wv1 climbed 0.4% to $6.78-1/4 a bushel. Corn Cv1 added 0.2% to $4.81-1/2 a bushel.

* Market attention has turned toward a high-stakes U.S.-China summit where agricultural trade is on the agenda. U.S. President Donald Trump is scheduled to meet with Chinese President Xi Jinping at 0200 GMT.

* Traders have said major new soybean purchases beyond what was agreed last October is unlikely but China may buy more of U.S. corn, sorghum and milling wheat as well as beef and poultry.

* Wheat continued its rally on an unexpectedly low U.S. Department of Agriculture forecast for the crop. Farmers will produce 1.561 billion bushels of wheat, the lowest since 1972, the USDA said Tuesday.

* Drought in parts of the U.S. Great Plains has been threatening output in the key production region. Growers in the drought-hit Plains will harvest the smallest crop since 1957, the government said.

* U.S. soybean stocks were forecast to shrink to 310 million bushels by the end of the 2026/27 marketing year, from 340 million at the end of the current season on August 31,according to the USDA.

MARKET NEWS

* Oil prices edged up on Thursday as investors awaited a meeting between U.S. President Donald Trump and Chinese President Xi Jinping later in the day as traders focused on the Iran war. O/R

DATA/EVENTS (GMT)

0600 UK GDP Est 3M/3M, MM, YY Mar

0600 UK Services MM, YY Mar

0600 UK GDP Prelim QQ, YY Q1

0600 UK Manufacturing Output MM Mar

1230 US Import Prices YY Apr

1230 US Initial Jobless Clm May 9 w/e

1230 US Retail Sales MM Apr