GRAINS-Chicago soybeans extend rally on China buying hopes
BEIJING, Feb 13 (Reuters) - Chicago soybean futures edged higher on Friday after reaching a more than two-month high as hopes for continued demand from top global soy buyer China for U.S. supplies supported prices.
Wheat dropped, and corn remained unchanged.
FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 increased 0.13% to $11.38-3/4 a bushel by 0220 GMT. The oilseed jumped 2% this week.
CBOT wheat Wv1 dropped 0.14% to $5.551-3/4 a bushel after gaining 4.1% for the week. Corn Cv1 stayed flat at $4.31-1/4 bushel but gained 0.23% for the week.
*A report undefined in the South China Morning Post said that U.S. President Donald Trump and Chinese President Xi Jinping, at a meeting in early April, could extend their countries' trade truce for as long as a year.
*Given the shifting U.S.-China dynamics, traders are wary of holding short positions in soybeans ahead of a long U.S. holiday weekend, analysts said.
*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.
The U.S. Department of Agriculture 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.
Trump said last week that China had increased its target for U.S. soybean purchases.
In South America, Brazilian crop agency Conab raised its estimate of the country's soybean crop to a record 177.98 million metric tons, from its January forecast of 176.12 million. This week, USDA raised its view of Brazil's crop to 180 million tons.
Commodity funds and buyers of CBOT corn, wheat, and soybeans, traders said on Thursday. CBOT/FUNDS
DATA/EVENTS (GMT)
1000 EU Total Trade Balance SA Dec
1000 EU GDP Flash Estimate QQ, YY Q4
1330 US Core CPI MM, SA Jan
1330 US Core CPI YY, NSA Jan
1330 US CPI MM, SA Jan
1330 US CPI YY, NSA Jan
1330 US CPI Wage Earner Jan
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