CBOT soybeans sustain rally after Trump comments

CHICAGO, Feb 5 (Reuters) - Chicago Board of Trade soybean futures extended gains on Thursday, a day after U.S. President Donald Trump said China had raised a target for U.S. soybean purchases under a trade truce.

• Soybeans rallied on Wednesday after Trump said China was "lifting the soybean count to 20 million tons for the current season", suggesting China could buy 8 million metric tons of U.S. soybeans in 2025/26 on top of approximately 12 million tons already booked since the trade truce in late October.

• 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.

• Many traders are optimistic that China will fulfill its verbal commitment to purchase additional bushels, which in addition to demand from other countries and soy processing plants, would drastically change the U.S. soybean outlook.

• Some market players, however, have remained cautious given the potential strain on U.S. supply from the new export volume cited by Trump.

• CBOT March soybeans SH26 settled 20 cents higher at $11.12-1/4 a bushel.

• CBOT March soymeal SMH26 closed $7 higher at $303.20 per short ton.

• CBOT March soyoil BOH26 ticked 0.01 cent lower to end at 55.65 cents per pound.