CBOT soybeans surge on Trump comments

CHICAGO, Feb 4 (Reuters) - Chicago Board of Trade soybean futures hit a two-month high on Wednesday following comments by U.S. President Donald Trump about China buying more U.S. soybeans, traders said.

• In a post on his Truth Social platform, Trump said China is "lifting the Soybean count to 20 Million Tons for the current season (They have committed to 25 Million Tons for next season!"

• By late January, China had purchased roughly 12 million metric tons of U.S. soybeans, fulfilling a U.S.-stated pledge to purchase that volume by the end of February after a late-October trade truce spurred buying.

• China, by far the biggest buyer of U.S. soybeans, had exited the U.S. market during the prolonged tit-for-tat trade war between the two countries. Market players closely monitor China to watch for signs of fresh demand.

• The U.S. Treasury Department on Tuesday released updated guidance on biofuel tax credits, a move welcomed by traders as giving clarity to biofuel producers.

• CBOT March soybeans SH26 settled 26-1/2 cents higher at $10.92-3/4 a bushel.

• CBOT March soymeal SMH26 closed $4.30 higher at $296.20 per short ton.

• CBOT March soyoil BOH26 rose 1.17 cents to end at 55.66 cents per pound.