CBOT soybeans rise on short covering, spread trading

CHICAGO, Aug 4 (Reuters) - Chicago Board of Trade soybean futures gained on Monday as short covering and intermarket spreading lifted prices from multi-month lows, traders said.

• Soybeans remain anchored by big global supplies following a massive harvest in Brazil and amid strong crop prospects in the United States. Concerns about U.S. trade tensions with top soy importer China also capped the market, traders said.

• U.S. crop conditions remain mostly favorable at the start of August, a critical month as soy plants in the Midwest set and fill pods.

• The U.S. Department of Agriculture is due to update its soybean crop condition rating later on Monday. Analysts polled by Reuters expect the USDA to rate 69% of the U.S. soy crop in good-to-excellent condition as of Sunday, down 1 point from a week earlier but still historically high.

• CBOT November soybeans SX25 settled up 5-1/4 cents at $9.94-1/2 a bushel after earlier falling to a low of $9.86. That matched Friday's low, which was the lowest level for the contract since April 9.