CORRECTED-CBOT soybeans close higher on bargain buying; tariff developments eyed

CHICAGO, March 5 (Reuters) - Chicago Board of Trade soybean futures rose on Wednesday, bouncing from multi-month lows set a day earlier on bargain buying and optimism that U.S. tariffs against Canada and Mexico might be reduced.

• CBOT May soybeans SK25 settled up 12-3/4 cents at $10.11-3/4 per bushel, a day after dipping to $9.91, the contract's lowest since Dec. 26.

• CBOT May soymeal SMK25 ended up $6.30 at $299.80 per short ton and May soyoil BOK25 rose 0.15 cent to finish at 42.99 cents per pound.

• U.S. President Donald Trump slapped 25% tariffs on imports from Mexico and Canada on Tuesday and doubled duties on Chinese goods to 20%, drawing immediate retaliatory steps from Canada and China and a pledge from Mexico to also respond.

• On Wednesday, the White House said Trump would exempt automakers from his tariffs on Canada and Mexico for one month as long as they comply with an existing free trade agreement, and said Trump is open to hearing about other products that should be exempted.

• Ahead of the U.S. Department of Agriculture's weekly export sales report on Thursday, traders expect the government to report sales of U.S. old-crop soybeans in the week ended February 27 at 300,000 to 550,000 metric tons.

• Agribusiness consultancy Celeres lowered its estimate for Brazil's 2024/25 soybean crop to 171.6 million metric tons, from 174 million previously, citing adverse weather. However, the new figure would still represent the largest soy harvest on record.