CBOT soybeans end lower on improving US crop weather

CHICAGO, July 28 (Reuters) - Chicago Board of Trade soybean futures closed lower on Monday as weather forecasts for cooler temperatures and timely rains this week in the U.S. crop belt supported expectations for bumper harvests, traders said.

• CBOT August soybeans SQ25 settled down 10 cents at $9.88-3/4 per bushel and new-crop November soybeans SX25 ended down 9-1/2 cents at $10.11-1/2 a bushel.

• CBOT September soymeal SMU25 ended down $2.80 at $269.40 per short ton.

• CBOT most-active December soyoil BOZ25 finished up 0.01 cent at 55.99 cents per pound.

• Ahead of the U.S. Department of Agriculture's weekly crop progress report due on Monday, analysts surveyed by Reuters on average expected the government to rate 67% of the U.S. soybean crop in good or excellent condition, down from 68% last week and the same as a year ago.

• The USDA reported export inspections of U.S. soybeans in the latest week at 409,714 metric tons, in line with trade expectations for 200,000 to 450,000 tons. USDA/I

• Additional market pressure stemmed from weekend news that Argentina's government announced a reduction in export taxes on agricultural goods including soybeans and corn. Argentina is the world's largest supplier of soymeal and soyoil.