CBOT soybeans rally on bargain buying, technicals as China rumors swirl

CHICAGO, July 2 (Reuters) - Chicago Board of Trade soybean futures surged on Wednesday on technical support and bargain buying and on market rumors that U.S. President Donald Trump's upcoming visit to Iowa may include news of progress in trade talks with China, traders said.

• CBOT August soybeans SQ25 settled 23-3/4 cents higher at $10.53-1/2 a bushel while the new-crop November contract SX25 ended up 20-3/4 cents at $10.48 a bushel. Buying accelerated as prices broke through technical chart resistance at their 50-, 100- and 200-day moving averages.

• CBOT August soymeal SMQ25 fell to a contract low of $272.60 per short ton and ended up $3.10 at $276.80 per short ton.

• CBOT August soyoil BOQ25 finished up 1.36 cents at 55.02 cents per pound.

• Trump is scheduled to travel to Des Moines, Iowa, on Thursday for a speech at the state fairgrounds. CBOT soybean futures rallied on rumors that the U.S. President would report progress on a trade pact with China while in heavily agricultural Iowa, three analysts said. Reuters could not confirm the market rumors on Wednesday.

• Soybeans were also supported by strong soyoil market gains. Soyoil futures rose after a tax-cut and spending bill adopted by the U.S. Senate included a measure to restrict biofuel credits to North American feedstock.

• Generally favorable U.S. crop conditions continue to overhang the market, with warm temperatures and scattered rains in the near-term forecast.