CBOT soybeans end firm on optimism over US-China trade talks

CHICAGO, June 10 (Reuters) - Chicago Board of Trade soybean futures ended modestly higher on Tuesday as optimism tied to ongoing trade talks between the United States and China, the world's No. 1 importer of the oilseed, offset pressure from improving U.S. crop ratings.

• CBOT July soybeans SN25 settled up 1-3/4 cents at $10.57-3/4 per bushel while new-crop November soybeans SX25 ended up 1/2 cent at $10.31-1/4.

• CBOT July soymeal SMN25 closed up 40 cents at $295.90 per short ton and July soyoil BON25 rose 0.41 cent to settle at 47.79 cents per pound.

• Trade talks between the U.S. and China in London were going well and could spill into a third day, U.S. negotiators said, as the two superpowers pushed for a breakthrough on dueling export controls that had threatened to unravel a delicate tariff truce.

• The U.S. will significantly reduce the amount of biodiesel and renewable diesel it imports this year because of a federal tax credit change, the Energy Information Administration forecast.

• Benign crop weather capped rallies in corn and soy futures by signaling strong production potential. The USDA on Monday rated 68% of the U.S. soybean crop as good to excellent, up 1 point from last week, while corn ratings improved by 2 percentage points.

• Brazilian oilseed lobby Abiove left its estimate of Brazil's 2024/25 soybean crop unchanged at 169.7 million metric tons.

• Traders awaited updated monthly supply/demand reports due from the USDA on Thursday.