US soybean futures dip as trade uncertainty lingers

CHICAGO, July 25 (Reuters) - Chicago Board of Trade soybean futures ended lower Friday - with the most-active contract Sv1 also ending down for the week - on trade uncertainty and export demand questions, market analysts said.

• Soybean futures also faced pressure from expectations of large U.S. production prospects, as non-threatening weather continued in the Midwest crop belt.

• CBOT's new-crop November soybeans SX25 settled down 3-1/4 cents at $10.21 a bushel. The most-active contract on a continuous basis Sv1 fell by 1.2% for the week.

• CBOT's August soymeal futures SMQ25 ended $1.90 lower to settle at $267.80 per short ton, while December soymeal futures SMZ25 fell $1.50, closing at $281.60 per short ton.

• CBOT's August soyoil BOQ25 closed down 0.18 cent at 56.49 cents per pound, while December soyoil futures BOZ25 fell 0.36 cent at 55.98 cents per pound.

• Traders said they were trying to position ahead of the Trump administration's August 1 tariff deadline but were hesitant to make big shifts in their trading models as U.S. talks are progressing with several top export markets.

• The European Union and the United States could reach a framework deal on trade this weekend, ending months of uncertainty for European industry, EU officials and diplomats said.

• The European Commission has prepared two sets of possible counter-tariffs if a trade deal is not reached by Washington's deadline, which would be combined into one and submitted for approval to EU members. Soybeans are on this list at a 25% tariff as a countermeasure to steel and aluminum tariffs, but would not be affected until December 1.

• The U.S. Department of Agriculture on Friday confirmed private sales of 142,500 metric tons of U.S. new-crop soybeans to Mexico.

• Basis bids for soybeans were mostly steady to weaker in the U.S. Midwest on Friday, softening at some crushing plants, spot checks showed.