GRAINS-Soybeans rise as China buys US supplies; wheat, corn firmer

BEIJING, Jan 7 (Reuters) - Chicago soybean futures jumped on Wednesday, supported by continued Chinese purchases of the U.S. crop, though ample global supplies capped gains.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.8% to $10.64-3/4 a bushel by 0623 GMT.

CBOT wheat Wv1 climbed 0.24% to $5.11-3/4 a bushel. Corn Cv1 gained 0.23% to $4.45 a bushel.

China is on track to buy U.S. soybeans. State stockpiler Sinograin bought 10 U.S. soybean cargoes this week, three traders told Reuters on Tuesday, as the world's top buyer continues purchasing from the U.S. following a late October trade truce.

The U.S. Department of Agriculture (USDA) said exporters sold 136,000 metric tons of soybeans to China for 2025-2026 delivery.

The main drivers for U.S. soybean prices are China's buying pace and South American production, where drought risks could curb yields, said Capital Jingdu Futures analyst Wan Chengzhi.

Still, harvesting momentum is slowly building in Brazil for another record-large crop, Arlan Suderman, chief commodities economist at StoneX, said.

Wheat edged higher as traders monitored crop conditions across the U.S. Plains, while corn also posted modest gains.

In the U.S., condition ratings for winter wheat declined during December in Kansas, the top U.S. winter wheat producer, and in several other Plains states, data released by the USDA showed on Tuesday.

The agency is scheduled to issue reports on U.S. crop production and grain stocks as of December 1 on January 12.

"USDA could change its yield estimate for the 2025 crop next Monday, but the trade generally feels much better about the soybean yield than it does the corn yield," Suderman said.

Commodity funds were net sellers of CBOT soybeans and soyoil, traders said on Tuesday. CBOT/FUNDS