CBOT soybeans set 2-month high as soymeal soars; USDA data awaited

CHICAGO, Sept 27 (Reuters) - Chicago Board of Trade soybean futures hit their highest in two months on Friday as soymeal futures SMV24 surged on worries about damage to crops and infrastructure in the Gulf Coast region following the landfall of Hurricane Helene as well as short-covering ahead of key crop reports due Monday, traders said.

• CBOT November soybeans SX24 settled up 24-3/4 cents, or 2.4%, at $10.65-3/4 per bushel. For the week, the contract rose 53-3/4 cents a bushel or 5.3%.

• Most-active December soymeal SMZ24 ended the day up $17.30, or 5.3%, at $344.10 per short ton while front-month October SMV24 finished up $19.50, or 6%, at $343.70 a ton.

• Soymeal SMV24 drew support from traders exiting positions ahead of the first notice day for deliveries against CBOT October futures, which is Monday.

• CBOT soyoil futures bucked the firm trend, with the benchmark December BOZ24 contract ending down 0.54 cent, or 1.3%, at 42.36 cents per pound.

• Traders were positioning for the U.S. Department of Agriculture's closely watched quarterly stocks and annual small grains summary reports due on Monday.

• Strength in the soy complex was fueled in part by storm-related concerns, analysts said. Helene brought life-threatening flooding to the Carolinas after causing widespread destruction as a major hurricane moving through Florida and Georgia overnight.

• Remnants from Helene were expected to slow the harvest of soybeans and corn in the far southern Midwest and northern Delta over the next few days, forecasters said.

• However, elsewhere in the Corn Belt, traders expect a busy harvest weekend.

• Market bulls note continued uncertainty about prospects for rain in northern Brazil, the world's biggest soy producer, where dry conditions have slowed the start of planting.

• The USDA confirmed private sales of 20,000 metric tons of U.S. soyoil to South Korea.

(Reporting by Julie Ingwersen; Editing by Richard Chang)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))