GRAINS-Chicago soybeans pull back after four-day rally; traders eye USDA crop report

BEIJING, Feb 9 (Reuters) - Chicago soybean futures fell on Monday, pressured by rising competition from South America, after four sessions of gains driven by President Trump's comments last week that China might increase U.S. soybean purchases.

Wheat and corn prices also edged lower as traders adjusted positions ahead of Tuesday's U.S. Department of Agriculture (USDA) world crop report, with both markets under pressure from ample global supplies.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 0.49% to $11.09-3/4 a bushel by 0118 GMT.

CBOT wheat Wv1 dropped 0.28% to $5.28-1/4 a bushel. Corn Cv1 fell 0.17% to $4.29-1/2 a bushel.

Soybeans hit a two-month high last week after Trump's remark that China was considering lifting U.S. soybean purchases to 20 million tons for the current season.

However, market participants remain skeptical of whether it will prove accurate, as the higher prices make it seem uneconomical for buyers.

In Brazil, farmers have harvested 16.55% of the area planted with soy for the 2025/26 season, above the 9.84% harvested this time last year, according to consultancy Patria AgroNegocios.

While sales of Brazil's new soybean crop have lagged compared to previous years, preliminary data from exporter group Anec suggests that Brazil's soybean exports could reach 14 million metric tons from January to February.

Wheat traders are closely watching cold weather in the U.S. and Russian production regions, though snow cover is expected to limit potential crop damage.

Traders are awaiting the USDA's world crop report, due on Tuesday. USDA/EST

Ukrainian agriculture consultancy APK-Inform cut its 2025/26 wheat export forecast to 14.5 million tons from 16.7 million tons, and for corn to 23.5 million tons from 25.5 million tons due to slow exports. Ukraine is a major global grain grower and exporter.

MARKETS

Asian markets leapt higher on Monday as a resounding win for Japanese Prime Minister Sanae Takaichi whetted appetites for more reflationary policies, while there was widespread investor relief at Wall Street's last gasp rebound. MKTS/GLOB