GRAINS-Soybeans at new three-month high on China demand hopes

By Naveen Thukral

SINGAPORE, Feb 25 (Reuters) - Chicago soybeans rose to a new three-month high on Wednesday, buoyed by optimism over Chinese demand as comments from Beijing eased some concerns over U.S. tariff policy.

Wheat ticked lower to move further back from an eight-month high on Monday, while corn edged up.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $11.58-3/4 a bushel at 1002 GMT. It earlier climbed to its highest since November 18 at $11.65-1/2 a bushel, slightly surpassing a previous three-month peak from Monday.

Friday's U.S. Supreme Court ruling, which struck down President Donald Trump's global reciprocal tariffs, followed by a new 10% general tariff introduced by Washington, initially cooled expectations of more Chinese buying.

But Beijing's measured response and the end of a holiday break in China nonetheless maintained demand hopes.

"China is now back from the Lunar New Year holidays and traders are looking for signs of additional U.S. soybean purchases to justify the recent rally," CM Navigator analyst Donatas Jankauskas said.

Rumours of Chinese interest in U.S. soybean shipments from the Pacific Northwest had contributed to price strength, he added.

China is closely monitoring U.S. policies and will decide "in due course" whether to adjust its countermeasures to U.S. tariffs, a commerce ministry official said on Tuesday.

Beijing is willing to hold consultations during the upcoming sixth round of economic and trade talks between the two countries, the official added.

"The market is expecting China to buy U.S. soybeans, which is supporting prices," said one oilseed trader in Singapore. "But we have to wait and see what will be the implication of the U.S. Supreme Court order."

CBOT wheat Wv1 was down 0.5% at $5.75-1/2 a bushel to ease further from Monday's high of $5.83-1/2. CBOT corn Cv1 gained 0.3% to $4.39-3/4 a bushel.

Rain forecast in the U.S. Plains, drier conditions in flooded parts of western France, and a thawing of winter frosts in eastern Europe were tempering weather concerns in the wheat market, analysts said.