Adds closing prices

By Tom Polansek

CHICAGO, May 13 (Reuters) - U.S. wheat futures pulled back on Wednesday after surging in the previous session on an unexpectedly low forecast for the drought-hit U.S. crop, as attention turned toward a high-stakes U.S.-China summit where agricultural trade is on the agenda.

Corn and soybean futures edged higher as traders watched for potential deals for China to buy U.S. crops or the feed ingredient called distillers dried grains with solubles, or DDGS.

U.S. President Donald Trump arrived in Beijing, seeking to snag some economic wins from the summit with Chinese President Xi Jinping.

"I don't look for a blockbuster ag deal, but any notable corn/DDGS purchases could still make a significant difference," said Arlan Suderman, chief commodities economist for consultancy StoneX.

"I still wouldn't be surprised if wheat is a part of the deal."

TRADERS REMAIN ON EDGE

Chicago Board of Trade July wheat WN26 ended down 3-1/2 cents at $6.75-1/2 per bushel after reaching the highest level since October 2024. Deferred futures set contract highs.

K.C. wheat futures KWv1, which represent the hard red winter crop most affected by drought, also eased after setting contract highs.

CBOT and K.C. contracts traded with expanded 70-cent limits after climbing by their typical 45-cent limits on Tuesday. The limits will revert to 45 cents on Thursday, according to market operator CME Group.

Traders remained on edge about the U.S. crop.

Crop scouts on the first day of the Wheat Quality Council's annual three-day tour of Kansas projected a sharply lower yield than last year in the state's northern half.

The U.S. Department of Agriculture on Tuesday projected the smallest U.S. crop since 1972 and pegged global stocks in 2026/27 below analysts' average forecast.

Asian flour millers rushed to secure cargoes after an absence of more than two months amid concerns about poor global weather.

"Often conservative and cautious in its crop forecasts, the USDA shocked the entire market by making, as early as this month of May, an extreme cut to its forecast for the 2026 U.S. wheat crop," Argus Media analysts said.

CBOT July corn CN26 ended 3/4 cent higher at $4.80-3/4 per bushel, while July soybeans SN26 closed up 2-1/4 cents at $12.29 per bushel.