CBOT soybeans end firm as traders gauge prospects for US sales to China

CHICAGO, Feb 11 (Reuters) - Chicago Board of Trade soybean futures closed higher on Wednesday, rallying from early declines on technical buying and continued hopes of Chinese demand for U.S. supplies, traders said.

• CBOT March soybeans SH26 settled up 1-1/2 cents, or 0.1%, at $11.24 per bushel after notching a session high of $11.28-1/4.

• CBOT March soymeal SMH26 ended up $2.20, or 0.7%, at $303.00 per short ton while March soyoil BOH26 fell 0.22 cent, or 0.38%, to finish at 57.05 cents per pound.

• Most CBOT soyoil futures contracts 0#BO: set life-of-contract highs before turning lower.

• Soybeans turned higher at mid-session as traders continued to gauge the likelihood of top global soy buyer China booking more U.S. soybeans.

• U.S. President Donald Trump said last week that China had increased its target for U.S. soybean purchases, and the U.S. Department of Agriculture echoed that sentiment in a monthly world crop report on Tuesday, saying, "China is reported to be considering buying more U.S. soybeans."

• However, top world supplier Brazil has begun harvesting a record-large soybean crop that is expected to dominate the global export market in the coming months.

• Ahead of Thursday's weekly USDA export sales report, traders expected the government to report net export sales of U.S. old-crop soybeans in the week ended February 5 at 300,000 to 1,100,000 metric tons.