CBOT soybeans dive as China demand for US shipments remains absent

CHICAGO, Sept 2 (Reuters) - Chicago Board of Trade soybean futures fell to a 1-1/2 week low on Tuesday as a lack of Chinese demand for U.S. new-crop shipments weighed on the market.

• Soybean prices hit a two-month peak last week on hopes that China would revert to buying U.S. supplies after months of shunning the origin in a wider trade war with Washington. But no such purchases have been confirmed.

• A weekend meeting in Washington with Chinese trade negotiator Li Chenggang yielded little progress toward a trade deal. Beijing's hosting of non-Western leaders this week, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, has underscored its geopolitical opposition to the United States.

• The U.S. Department of Agriculture said 472,914 metric tons of soybeans were inspected for export in the week ended August 28, in line with trade estimates for 200,000 to 500,000 tons. The data showed no shipments bound for China.

• The USDA is due to update its condition rating for U.S. soybeans in its weekly progress report later on Tuesday. Analysts, on average, expect the agency to report 68% of the crop is in good to excellent condition as of Sunday, down 1 point from a week earlier.

• CBOT November soybeans SX25 settled 13-1/2 cents lower at $10.41 per bushel.

• CBOT December soymeal SMv1 ended $5.20 lower at $283.80 per short ton.

• Soyoil futures bucked the weak trend and closed higher, with the CBOT December contract BOZ25 ending up 0.52 cent at 52.66 cents per pound.