CBOT soybeans hit seven-week low; US-China tensions in focus

CHICAGO, June 2 (Reuters) - Chicago Board of Trade soybean futures fell to their lowest level in seven weeks on Monday on worries about demand for U.S. oilseeds given trade tensions with top buyer China, along with generally favorable crop weather, traders said.

• CBOT July soybeans SN25 settled down 8-1/4 cents at $10.33-1/2 per bushel after dipping to $10.32-1/2, the contract's lowest since April 11.

• CBOT July soyoil BON25 ended down 0.61 cent at 46.28 cents per pound and July soymeal SMN25 fell $2.40 to $293.90 per short ton.

• Trade tension flared on Friday as President Donald Trump accused China of violating an agreement with the U.S. to mutually roll back tariffs. Trump and Chinese leader Xi Jinping will likely speak this week, the White House said on Monday.

• Ahead of the U.S. Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 68% of the U.S. soybean crop as good to excellent in its initial ratings for the 2025 harvest.

• Analysts on average estimated soybean planting as 86% complete.

• Ahead of the USDA's monthly soybean crush data, also due Monday, analysts on average estimated the U.S. April soybean crush at 201.8 million bushels, down 2.3% from March but up 13.7% from the April 2024.

• The USDA reported export inspections of U.S. soybeans in the latest week at 268,343 metric tons, in line with trade expectations for 75,000 to 450,000 tons. USDA/I

• Ample Brazilian soy supplies continue to hang over the market. Agribusiness consultancy AgRural raised its forecast for Brazil's 2024/25 soybean crop by 1.3 million tons to 169 million tons, citing improved yields in several states.