GRAINS-Soybeans rise on Trump's hopes that China will buy more US beans

By Michael Hogan and Peter Hobson

CANBERRA/HAMBURG, Aug 11 (Reuters) - Chicago soybean prices rose more than 2% on Monday after U.S. President Donald Trump said he hoped China would quadruple its soybean buying from the United States.

Wheat and corn also rose as traders expected that more Chinese purchases of U.S. farm products could be part of any eventual U.S.-China trade deal.

China is the world's largest soy importer but has slashed purchases of U.S. beans as trade tensions between Washington and Beijing have flared.

"China is worried about its shortage of soybeans," Trump posted on Truth Social. "I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA."

Chicago Board of Trade most active soybeans Sv1 climbed 2.2% to $10.09-3/4 a bushel at 0958 GMT.

CBOT wheat Wv1 was up 0.6% to $5.17-3/4 a bushel and corn Cv1 rose 0.6% to $4.08 a bushel.

"Markets had expected increased Chinese purchases of farm products could be part of a wide U.S.-China trade deal and Trump is now saying this," one German trader said. "Corn and wheat could also be part of the U.S.-China deal."

"The devil is in the details, but China is a communist, command economy. If the Chinese government decides that more U.S. soybean and grain imports should take place, this will surely happen," the trader added.

All three crops still face price headwinds from plentiful global supplies. Last week, wheat fell to five-year lows, soybeans to four-month lows and corn to contract lows.

Analysts expect the U.S. Department of Agriculture will raise its U.S. corn and soybean production estimates in a report on August 12.

"Where do all those soybeans go if they're not going to China?" said Tobin Gorey of agricultural consultancy Cornucopia. "Any positive news on the China front is very likely to prompt prices to rise."