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.
<h3>FUNDAMENTALS</h3>
<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
<li>With expected global demand stable, any more Chinese purchases would likely mean a reshuffle in U.S. exports “with more US shipments to China and less to other markets,” the agency said. (WASDE01)</li>
<li>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.</li>
<li>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.</li>
<li>Commodity funds net buyers of CBOT wheat, net sellers of corn, traders said on Wednesday. (CBOT/FUNDS) DATA/EVENTS (GMT)</li>
</ul>
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GRAINS-Chicago Soybeans extend gains on China buying hopes