CBOT soybeans falter on trade tensions, light demand

CHICAGO, May 7 (Reuters) - Chicago Board of Trade soybeans ticked lower on Wednesday as concerns about demand and global competition loomed over the market, though signs of a thaw in the trade standoff between China and the U.S. added support.

• Though a planned meeting between senior U.S. and Chinese officials boosted hopes for easing tensions earlier in the trading session, some market players soured after U.S. President Donald Trump said he would not preemptively lower tariffs on China.

• The soybean market has been particularly sensitive to the Sino-U.S. tariff battle, given China dominates global soybean imports, including a large portion of shipments from the U.S., the world's second-largest exporter of the oilseed.

• A lack of Chinese demand for U.S. soy has weighed heavily on Chicago futures.

• Favorable dry weather in the U.S. Midwest is expected to allow farmers to seed this season's soybean crop unimpeded.

• CBOT July soybeans SN25 fell 2 cents to $10.39-1/4 per bushel.

• CBOT July soyoil BON25 fell 1.02 cents to 47.33 cents per pound, and July soymeal SMN25 rose $2 to $295 per short ton.