GRAINS-Soybeans rise after Trump's tariff U-turn

CANBERRA, April 10 (Reuters) - Chicago soybean futures extended gains on Thursday after shooting up 2% in the previous session when U.S. President Donald Trump said he would pause tariff increases on dozens of countries to allow time for trade negotiations.

Trump's stunning U-turn sent equities and oil prices sharply higher and raised hopes that some disruption of agricultural trade can be avoided, though he raised tariffs again on China, the biggest buyer of U.S. farm goods.

Corn and wheat were steady after rising on Wednesday.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $10.15-1/4 a bushel by 0154 GMT, with CBOT corn Cv1 down 0.1% at $4.73-1/2 a bushel and CBOT wheat Wv1 unchanged at $5.42-1/4 a bushel.

* All three crops are now at or above their levels before Trump announced his barrage of tariffs last week, helped partly by a weaker U.S. dollar. .DXY FRX/

* Damage has been done to U.S. farm exports, however.

* Asian buyers are reducing purchases from the United States.

* China typically absorbs around half of U.S. soybean exports and its tariffs - which it raised again on Wednesday - threaten to leave U.S. soy farmers short of buyers.

* Traders had also expected European counter-tariffs to curtail U.S. corn shipments to Europe.

* Firm U.S. cash markets for soybeans are supporting prices. Farmers have been reluctant to book fresh sales at current prices, forcing buyers to raise their bids to get supplies, traders say.

* The market is meanwhile waiting for a monthly supply and demand report due from the U.S. Department of Agriculture on Thursday that could shift prices.

* In fundamentals news, Argentina's Rosario Grains Exchange raised its 2024/25 corn crop estimate by around 4 million metric tons to 48.5 million tons and trimmed its soybean harvest forecast by around 1 million tons to 45.5 million.

* Russia's winter crops are in relatively good condition, contrary to earlier estimates, the IKAR consultancy said, adding that it could raise its harvest estimates.

* India has bought 2.08 million metric tons of new-season wheat from domestic farmers since March 15, up 44.4% from last year, government sources said, indicating a large crop that will help the country avoid imports.

MARKETS NEWS

* Global stocks rallied, the dollar found footing and a manic bond selloff stabilised on Thursday. MKTS/GLOB