GRAINS-Chicago soybeans steady ahead of USDA crop report

BEIJING/PARIS, Feb 10 (Reuters) - Chicago soybean futures were marginally up on Tuesday as traders adjusted positions before a widely tracked U.S. Department of Agriculture crop report and assessed prospects for further Chinese demand.

Corn also edged up while wheat eased in cautious trading before the USDA's monthly world crop report due at 1700 GMT.

The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $11.13-3/4 a bushel by 1232 GMT.

The benchmark rallied to a two-month high last week, spurred by U.S. President Donald Trump's remark that China had increased its target for U.S. soybean purchases under a trade truce.

Market rumours that Chinese importers had made fresh purchases fuelled more gains on Friday, before prices eased on Monday when the USDA confirmed export sales of 264,000 metric tons of U.S. soybeans to China.

"The recent rally in soybeans appears to be losing momentum, looking like a classic buy the rumour, sell the fact reaction," CM Navigator analyst Donatas Jankauskas said in a note.

Traders remain sceptical about further sustained Chinese demand for U.S. soybeans in the short term, with higher prices making U.S. beans less economical compared with supplies from Brazil, which is expecting a record harvest.

The USDA report will be watched for revisions to the agency's South American forecasts, and adjustments to the U.S. supply outlook after last month's higher-than-expected projections for corn.

"The market is waiting for the WASDE report, particularly Brazil's soybean figures. This is a real needle mover in terms of supply and demand," Rabobank analyst Vitor Pistoia said.

CBOT wheat Wv1 was down 0.2% at $5.27-1/2 a bushel. Corn Cv1 inched up 0.1% to $4.29-1/4 a bushel.

Both cereal markets were being capped by abundant global supplies, with wheat also losing recent weather support as severe cold in northern hemisphere production belts subsides.

In Russia, increased demand from importers and bad weather at ports supported export prices for Russian wheat last week, outweighing forecasts of a strong new harvest, analysts said.

In western Europe, France's agriculture ministry raised its 2026 sowing estimate for the country's main wheat crop slightly, confirming its expectation of an expanded area compared with last year.