GRAINS-Soybeans rise to three-month high on strong demand, wheat under pressure

SINGAPORE, Feb 26 (Reuters) - Chicago soybean futures rose on Thursday to their highest in more than three months, as brisk U.S. domestic demand and expectations of renewed Chinese purchases underpinned the market.

Wheat was little changed after closing lower on Wednesday, pressured by abundant global supplies, while corn eased after rising in the previous session.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.3% to $11.68 a bushel, as of 0151 GMT, hitting the highest since November 18. Wheat Wv1 lost a quarter of a cent to $5.69-1/2 a bushel and corn gave up 0.1% to $4.41-3/4 a bushel.

Hopes of strong U.S. demand for making soybean oil-based biofuel and China's interest in U.S. cargoes supported Chicago futures.

The U.S. Environmental Protection Agency said it would send its proposal for new biofuel blending volume mandates to the White House, with an expected rule to be finalised by the end of March.

There is market talk of Chinese interest in U.S. soybean shipments from the Pacific Northwest.

Traders initially expected that U.S. President Donald Trump's decision to introduce a global 10% tariff - and his pledge to increase that to 15% - would cool buying interest from China.

But Beijing's measured response to Trump's actions and the end of China's Lunar New Year holiday break maintained hopes for more demand.

Trump announced the 10% levy after his tariffs put in place in 2025 under an emergency economic statute were struck down by the U.S. Supreme Court on Friday.

MARKET NEWS

Asian stocks advanced on Thursday after upbeat earnings from Nvidia soothed concerns over AI-driven disruption and rising costs, while the yen was in the doldrums, bogged down by a murky rate outlook in Japan. MKTS/GLOB

DATA/EVENTS (GMT)

0500 Japan Leading Indicator Revised Dec

1000 EU Consumer Confid. Final Feb

1330 US Initial Jobless Clm 21 Feb, w/e