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CHICAGO, Aug. 18 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed higher in the past trading week which ended August 17 amid declining crop conditions and news about trade talks with China.

The most active contract for December corn rose 7 cents weekly, or 1.88 percent, to 3.7875 dollars per bushel. December wheat delivery went up 10.25 cents, or 1.8 percent weekly, to 5.7975 dollars per bushel. November soybeans saw a 31-cent surge, or 3.6 percent, to 8.9275 dollars per bushel.

On Monday, the U.S. Department of Agriculture released its latest crop condition report, saying corn, wheat and soybeans rated good or excellent were about one percentage point down from the prior week. The falling ratings pushed up all the prices.

CBOT soybeans extended gains in late week trade over news that China and the United States were preparing for trade talks.

A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will, at the invitation of U.S. side, visit the United States in late August to talk with the U.S. counterpart on bilateral economic and trade issues of their own concern, China's Ministry of Commerce (MOC) announced on Thursday.

China is the top buyer in global soybean market. Hopes among traders and farmers that the two sides work out a formula to avoid further escalation of trade tensions led to the surge of soybean prices.

Meanwhile, China reaffirmed its stance of opposing unilateralism and trade protectionism, and not accepting any forms of unilateral restrictive trade measures.

Additional support came from a crush report which showed U.S. soy processors consumed a record large amount of soybeans in July.

Analysts said that technical charts of soybeans are pointing higher, with November contract now aiming for as high as 9.15-9.20 U.S. dollars per bushel.

CBOT wheat futures gained nearly two percent weekly amid declining world supply due to adverse weather conditions. Drought has already hit France, Germany, Black Sea area and Australia, and Aussie forecasts are indicating a dryer-than-average September ahead.

As concern over major wheat exporters' yields continued, futures were further driven up by talks that Russian government is attempting to cap exports in a bid to keep bread prices reasonable.

Similar rumors came out of Ukraine during the previous week, saying the government there will limit its wheat export sales. But an official denial gave some relief to the soaring prices.

Such rumors and panic in market showed that major wheat exporters' stocks now stand at the lowest level. As a result, wheat prices will probably keep high for some time, and upside targets remain above 6.25 dollars per bushel, said analysts with AgResource, a Chicago-based agricultural research firm.

CBOT corn futures also posted moderate gains this week, but with little significant news concerning the grain.

Most U.S. corn producers will be harvesting sooner than usual, and expectations are for record yield.