GRAINS-Soybeans fell amid ample global supplies after hitting two-month high

BEIJING, Feb 5(Reuters) - Chicago Board of Trade soybean fell on Thursday, losing some of the gains from the last session following comments by U.S. President Donald Trump about China buying more U.S. soybeans.

Corn and wheat also dropped.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.2% at $10.90-1/4 a bushel, as of 0202 GMT.

CBOT wheat Wv1 was down 0.5% at $5.24 a bushel and corn Cv1 rose 0.5% to $4.27-1/2 a bushel.

Soybean hit a two-month high on Wednesday following Trump's post on his Truth Social platform that China is "lifting the Soybean count to 20 Million Tons for the current season (They have committed to 25 Million Tons for next season!"

China pulled out of the U.S. market during the countries' extended back-and-forth trade war. Traders are watching China closely for any signals that new buying interest is returning.

However, ample global supply capped soybean price gains.

Brazil, world's largest soybean producer and exporter, is expected to produce 181.6 million metric tons in 2025/26, consultancy firm StoneX said on Monday, raising its outlook by 2.3% from a January projection.

China, the largest purchaser of U.S. soybeans, is expected to lean heavily on Brazilian soybeans in the first half of 2026 as record production and competitive prices propel shipments, even as US supplies return.

Commodity funds net buyers of CBOT soy and corn on Tuesday, traders said.

MARKETS

DATA/EVENTS (GMT)

0850 France HCOB Composite, Services PMI Jan

0855 Germany HCOB Services PMI Jan

0855 Germany HCOB Composite Final PMI Jan

0900 EU HCOB Services, Composite Final PMI Jan

0930 UK S&P Global PMI: Composite - Output Jan

0930 UK Reserve Assets Total Jan

1000 EU HCIP Flash YY Jan

1000 EU HCIP-X F, E, A, T Flash MM, YY Jan

1445 US S&P Global Comp, Svcs PMI Final Jan

1500 US ISM N-MFg PMI Jan