CBOT soybeans end lower on harvest pressure, but notch weekly gain

CHICAGO, Oct 3 (Reuters) - Chicago Board of Trade soybean futures climbed to a two-week high on Friday but closed lower as a rapidly advancing U.S. harvest sparked late selling that offset earlier support from hopes for import demand from China, analysts said.

• CBOT November soybeans SX25 settled 5-3/4 cents lower to end at $10.18 per bushel. The contract hit a seven-week low at midweek but ended the week up 0.4%, its first weekly gain in three weeks.

• Technical selling also propelled late-session losses as the actively traded November contract slipped below chart support at its 20- and 50-day moving averages.

• CBOT December soymeal SMZ25 was 70 cents lower at $278.60 per short ton while December soyoil BOZ25 fell 0.39 cent to end at 50.05 cents per pound.

• U.S. President Donald Trump said in a social media post on Wednesday that soybeans would be a major topic of discussion when he meets Chinese counterpart Xi Jinping in four weeks. U.S. Treasury Secretary Scott Bessent on Thursday predicted a "pretty big breakthrough" from the talks.

• China has not booked any U.S. soybeans from the autumn harvest yet for the first time in more than 20 years.

• Trump has also promised to give proceeds from tariff revenues to farmers, who largely supported his campaigns for president.

• The U.S. harvest is advancing rapidly amid warm and mostly dry Midwest weather. Weekly data showing harvest progress is not likely to be released on Monday due to a U.S. government shutdown.