* Chicago soybeans hit a two-month high on huge China purchase

* Wheat pushed higher on lower than expected Argentina harvest

* Brazil's weather woes create supply questions for soybean traders

(Updates throughout, adds new headline, new bullets, updated market prices, new analyst comment, new byline and dateline)

CHICAGO, Nov 8 (Reuters) - Chicago soybean prices rallied to a two-month high on Wednesday, after the U.S. Department of Agriculture confirmed a Reuters report that China booked its largest single-day U.S. soybean purchases since at least late July.

Unfavorable weather conditions in Brazil were also supportive, traders said.

Meanwhile, wheat and corn rocketed higher on the day as traders and funds positioned themselves ahead of USDA's monthly supply-and-demand reports, set to be released on Thursday.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 1.4% at $13.81-1/2 a bushel, as of 10: 55 a.m. CT (1655 GMT).

The USDA confirmed private sales of 433,000 metric tons of U.S. soybeans to China, another 132,000 tons to unknown destinations, and 344,500 tons of soybeans also to unknown destinations, all for delivery in the 2023/24 marketing year that began Sept. 1.

Chicago soybean futures slumped to a 22-month low in October on U.S. harvest pressure and weak export demand. But futures have been trending upward since then, as erratic weather has caused problems in the world's No. 1 exporter Brazil and demand for U.S. cargoes underpinning the market.

Brazil's weather forecasts for November do not show a significant change in overall conditions, as scattered rains in central-north areas and downpours in the south likely impacting the country's 2024 soy yields and output.

Still, Karl Setzer, partner at Consus Ag Consulting, said "Looking at the overall picture, the grand scheme of soybeans, it isn't more bullish. It's just less bearish right now." Wheat were up 4.12% at $5.94 a bushel and corn moved 1.71% higher to $4.76-1/2 a bushel.

Wheat was supported by Argentina's 2023/24 wheat harvest now estimated at 13.5 million metric tons, below the 14.3 million tons previously forecast, the Rosario Grains exchange said. (Reporting by Brendan O'Brien in Chicago Editing by Marguerita Choy)