CBOT soybeans rise on weaker dollar, renewed trade optimism

CHICAGO, April 16 (Reuters) - Chicago Board of Trade soybean futures gained strength on Wednesday from a weaker dollar and a report that China would be open to trade negotiations with the U.S., though big supplies from South America continued to loom over the market, analysts said.

• CBOT May soybeans SK25 settled up 2-3/4 cents to $10.38-3/4 per bushel.

• CBOT May soymeal SMK25 settled up $2.50 to $296.7 per short ton.

• CBOT May soyoil BOK25 finished up 0.15 cent to 47.48 cents per pound.

• China, by far the biggest buyer of U.S. soybeans, has imposed retaliatory tariffs on the United States that will make it expensive for China to import U.S. crops.

• The dispute has accelerated China's shift toward soybeans from Brazil, where farmers are finishing a massive harvest.

• However, bearishness from the trade war has already been factored into the market, analysts said.

• A Bloomberg report on Wednesday stating that the Chinese government would be open to trade talks has created positive market sentiment and added strength to soybean futures.

• The U.S. Department of Agriculture is slated to issue weekly data on U.S. grain and soy export sales on Thursday.