GRAINS-Chicago Soybeans extend gains on China buying hopes

BEIJING, Feb 12 (Reuters) - Chicago soybean futures extended a three-day rally on Thursday, as hopes for continued Chinese demand for U.S. supplies supported prices.

Wheat and corn gained.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 1% to $11.33-1/2 a bushel by 0200 GMT.

CBOT wheat Wv1 gained 0.1% to $5.37-3/4 a bushel. Corn Cv1 rose 0.1% at $4.27-3/4 a bushel.

China was "reported to be considering buying more U.S. soybeans," said the U.S. Department of Agriculture in its monthly supply-demand report on Tuesday.

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.

USDA on Monday confirmed new export sales of 264,000 metric tons of U.S. soybeans to China. However, traders are cautious about further demand given the competition from South America.

Argentina's Rosario grains exchange bumped up its estimate for the 2025/26 soybean harvest on Wednesday to 48 million tons, a million higher than previously estimated, citing favourable conditions in the west and north of the country.

Top supplier Brazil has begun harvesting a record-large soybean crop. The USDA raised its estimate of 2025/26 soybean production in Brazil by 2 million metric tons to 180 million tons on Tuesday, above analysts' average estimate.

Commodity funds net buyers of CBOT wheat, net sellers of corn, traders said on Wednesday. CBOT/FUNDS

DATA/EVENTS (GMT)

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