GRAINS-Chicago soybeans slip as rising global supplies weigh

BEIJING, Feb 6(Reuters) - Chicago Board of Trade soybeans fell on Friday amid ample global supplies, pulling back from a two-month high sparked by President Donald Trump's remarks that China would buy more U.S. soybeans.

Corn and wheat also declined.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.5% at $11.06-3/4 a bushel, as of 0210 GMT. The oilseed rose 4% for the week.

CBOT wheat Wv1 was down 0.2% at $5.34 a bushel, falling 0.7% for the week. Corn Cv1 lost 0.1% to $4.34-1/2 a bushel, but climbed 1.5% this week.

Soybeans hit a two-month high on Wednesday after Trump posted that China was "lifting the soybean count to 20 million tons" for the current season—implying China could buy an additional 8 million metric tons of U.S. soybeans in 2025/26 on top of about 12 million tons already booked since the late-October trade truce.

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.

Chinese soybean importers face much higher costs to bring in the additional U.S. cargoes, while rival Brazilian supplies are far cheaper in their peak export season.

However, additional purchases of U.S. soybeans may represent a political gesture by Beijing, despite higher costs, ahead of a planned visit by Trump to China in April, according to analysts.

Commodity funds were net buyers of CBOT corn, soybean, wheat futures on Thursday, traders said.

MARKETS

Asian stocks extended losses into a second day in early trading on Friday as a selloff on Wall Street intensified, with precious metals and cryptocurrencies gripped by wrenching volatility. MKTS/GLOB

DATA/EVENTS (GMT)

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