CBOT soybeans falter as traders await trade talks

CHICAGO, May 5 (Reuters) - Chicago Board of Trade soybeans fell on Monday as traders awaited updates on possible U.S.-China trade talks amid mounting competition from Brazil, traders said.

• China is evaluating an offer from Washington to hold talks over tariffs, China's Commerce Ministry said on Friday, though traders reacted with caution.

• Lack of demand from China, the world's largest soy importer, has weighed on Chicago soy futures since the beginning of the trade war.

• U.S. President Donald Trump's proposed cuts to Environmental Protection Agency funding have also rattled traders, who worry a funding decrease would reduce demand for biofuels produced with soy and other vegetable oils.

• The U.S. Department of Agriculture will publish weekly updates on U.S. planting progress after the close of trade on Monday.

• U.S. farmers were estimated to have planted 31% of the nation's soybean crop as of Sunday, a Reuters survey of 13 analysts showed ahead of the release of the USDA crop progress report.

• CBOT July soybeans SN25 closed down 12-1/2 cents to $10.45-1/2 per bushel.

• CBOT July soyoil BON25 fell 0.7 cent to 48.73 cents per pound, and July soymeal SMN25 fell $1.40 to $295.50 per short ton.