CBOT soy ends lower on Midwest crop weather; US-China trade talks eyed

CHICAGO, June 9 (Reuters) - Chicago Board of Trade soybean futures closed lower on Monday on favorable U.S. weather and expectations of an improvement in weekly crop condition ratings, traders said.

• However, the nearby July contract SN25 drew underlying support from optimism over U.S.-China trade talks being held in London.

• CBOT July soybeans SN25 settled down 1-1/4 cents at $10.56 per bushel while new-crop November soybeans SX25 ended down 6-1/4 cents at $10.30-3/4 a bushel.

• CBOT July soymeal SMN25 closed down 20 cents at $295.50 per short ton and July soyoil BON25 fell 0.12 cent to finish at 47.38 cents per pound.

• 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 in good to excellent condition, up from 67% a week ago.

• Analysts on average estimated soybean planting as 91% complete, up from 84% the prior week.

• A "mild/showery" pattern was forecast for the U.S. Midwest, the Commodity Weather Group said in a client note, bolstering crop prospects.

• The USDA reported export inspections of U.S. soybeans in the latest week at 547,040 tons, above a range of trade expectations for 155,000 to 400,000 tons. USDA/I

• Market players were monitoring talks in London between the United States and China aimed at cooling a trade dispute between the world's two largest economies. China is by far the world's largest soybean buyer.

• White House economic adviser Kevin Hassett said the U.S. team wanted a "handshake" from China on rare earths after President Donald Trump said Chinese President Xi Jinping had agreed to resume shipments in a call between the two presidents last week.