GRAINS-Chicago Soybeans extends gains despite bearish USDA data

BEIJING, Feb 11 (Reuters) - Chicago soybean futures rose on Wednesday despite bearish data in the U.S. Department of Agriculture's monthly supply-demand report, though rising competition from Brazil capped gains.

Wheat gained while corn remained unchanged.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.1% to $11.23-1/4 a bushel by 0210 GMT.

CBOT wheat Wv1 gained 0.5% to $5.30-3/4 a bushel. Corn Cv1 stayed flat at $4.28-3/4 a bushel.

The USDA raised its estimate of soybean production in top world supplier Brazil to 180 million metric tons, from its previous estimate of 178 million and above an average of analyst estimates for 179.39 million.

*The USDA left its forecast of U.S. soybean stocks remaining at the end of the current marketing year unchanged at 350 million bushels.

Soybeans rose in the last session on optimism about demand for U.S. supplies, analysts said, but stayed below a two-month high set last week.

Some traders are optimistic that U.S. soybean exports will increase, potentially tightening ending stocks, in light of U.S. President Donald Trump's remark last week that China had increased its target for U.S. soybean purchases under a trade truce.

"China is reported to be considering buying more U.S. soybeans," the USDA said in its monthly report.

Farmers and traders have closely followed demand from China, the world's biggest soybean importer, after a thaw in ties between Beijing and Washington in October increased purchases of U.S. supplies.

Commodity funds net buyers of CBOT soybean and soyoil futures, traders said on Tuesday. CBOT/FUNDS

MARKETS:

Bonds jumped and a rebound in stock markets slowed down on Wednesday after softer-than-expected U.S. retail sales figures, while a rally in the yen has extended and might be beginning to signal a shift in investor thinking since Japan's election.MKTS/GLOB

DATA/EVENTS (GMT)

1330 US Non-Farm Payrolls Jan

1330 US Unemployment Rate Jan

1330 US Average Earnings YY Jan