<p>CHICAGO, Feb 12 (Reuters) - Chicago Board of Trade soybean futures set a two-month high on Thursday on hopes that a potential thaw in U.S. trade relations with top global soy buyer China could spur fresh purchases of the oilseed, analysts said.</p>
<ul>
<li>CBOT March soybeans  (SH26)  settled up 13-1⁄4 cents, or 1.2%, at $11.37-1⁄4 per bushel after reaching $11.41-1⁄2, the contract’s highest since December 2.</li>
<li>CBOT March soymeal  (SMH26)  ended up $4.90, or 1.6%, at $307.90 per short ton and March soyoil  (BOH26)  rose 0.49 cent, or 0.9%, to finish at 57.54 cents per pound.</li>
<li>Most CBOT soyoil futures contracts  (0#BO:)  set life-of-contract highs.</li>
<li>A report 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.</li>
<li>The report followed a comment last week from Trump saying that China had increased its target for U.S. soybean purchases under a trade truce agreed in late October.</li>
<li>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.</li>
<li>Traders shook off pressure from rising estimates of the soy harvest in Brazil, the world’s biggest supplier.</li>
<li>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. The U.S. Department of Agriculture this week raised its view of Brazil’s crop to 180 million tons.</li>
<li>Paraguay is on track to produce a record soy harvest of more than 10 million tons, analysts and producers said.</li>
<li>Weekly U.S. soybean export data fell below trade expectations. The USDA reported net sales of old-crop U.S. soybeans in the week ended February 5 at 281,800 tons, below trade expectations for 300,000 to 1,100,000 tons and a low for the 2025⁄26 marketing year that began September 1.</li>
<li>Separately, under its daily reporting rules, the USDA confirmed private sales of 108,000 metric tons of U.S. soybeans to Egypt.</li>
</ul>

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CBOT soybeans set two-month high on hopes for China export business