CBOT soybeans choppy amid profit-taking, US-China trade optimism

CHICAGO, May 13 (Reuters) - Chicago Board of Trade soybean futures chopped up and down in price on Tuesday, supported by a temporary truce in the U.S.-China trade war and a bullish U.S. Department of Agriculture report but pressured by profit-taking.

• The U.S.-China trade deal has buoyed the soybean market, in which China dominates global imports, by boosting hopes for revived Chinese demand for U.S. farm goods.

• Monday's U.S. Department of Agriculture supply and demand report also provided a bullish jolt to the market after the agency pegged U.S. soybean ending stocks below analyst estimates.

• For 2024-25, U.S. soy stocks were pegged at 350 million bushels, below April's forecast of 375 million bushels and analysts' expectations of 369 million bushels.

• Ideal soy planting weather in most of the U.S. Midwest has added pressure to prices.

• The tariff pause between Beijing and Washington will not help U.S. farmers revive soy sales in China without additional concessions, producers said, because top-supplier Brazil still has a competitive price advantage.

• CBOT July soybeans SN25 settled 1-1/4 cents higher to $10.72-1/2 per bushel.

• CBOT July soyoil BON25 rose 1.56 cents to 51.48 cents per pound, and July soymeal SMN25 fell $4.8 to $293.30 per short ton.