CBOT soybeans rally after Trump social media post urging China purchases

CHICAGO, Aug 11 (Reuters) - Chicago Board of Trade soybean futures rallied more than 2% to a two-week high on Monday after U.S. President Donald Trump posted on social media that China should step up its U.S. soy purchases to reduce its trade deficit with the United States.

• Concerns about hot and dry weather in parts of the Midwest farm belt also supported futures. Much of the soy crop is in critical podding stages of development, when dry weather can affect yields, analysts said.

• Analysts polled ahead of the U.S. Department of Agriculture's weekly crop progress and conditions report expect the agency to lower its soy crop rating to 68% good to excellent, down a point from a week earlier.

• Grain traders were also squaring positions ahead of the USDA's monthly supply and demand report. The agency is expected to raise its U.S. soy harvest forecasts and project larger stockpiles of the crops in the coming year.

• CBOT November soybeans SX25 settled 23-3/4 cents higher at $10.11-1/4 per bushel after reaching the highest level since July 28. The contract's 2.4% gain was its strongest since June 13.

• CBOT September soymeal SMU25 rose $4.20 to settle at $280.80 per short ton.

• CBOT September soyoil BOU25 gained 0.48 cent to close at 53.19 cents per pound.