CBOT soybeans end lower as focus returns to US crop weather

CHICAGO, June 11 (Reuters) - Chicago Board of Trade soybean futures closed lower on Wednesday, retreating from early strength as initial optimism faded over the U.S. and China agreeing on the framework of a trade truce and market players shifted their focus back to benign U.S. crop weather, traders said.

• CBOT July soybeans SN25 settled down 7-1/4 cents at $10.50-1/2 per bushel and new-crop November SX25 ended down 2 cents at $10.29-1/4 a bushel.

• CBOT July soymeal SMN25 closed down $1.70 at $294.20 per short ton while July soyoil BON25 rose 0.23 cent to settle at 48.02 cents per pound.

• President Donald Trump said the U.S. deal with China is done, with Beijing to supply magnets and rare earth minerals while Washington will allow Chinese students in U.S. colleges and universities. However, there were few mentions of agriculture, brokers said.

• Chinese retaliatory tariffs on U.S. agricultural goods have curbed soybean trade, with Brazil dominating record Chinese soybean imports in May.

• Weather forecasts for the U.S. Midwest crop belt remain non-threatening for developing soybean crops, analysts said.

• Ahead of the U.S. Department of Agriculture's weekly export sales report on Thursday, analysts expected the government to report sales of U.S. old-crop soybeans in the week ended June 5 at 100,000 to 500,000 metric tons.

• Ahead of the USDA's monthly supply/demand report, also due on Thursday, analysts surveyed by Reuters expected few changes for U.S. and global soybean balance sheets.