CBOT soybeans dip below $11 per bushel on China uncertainty

CHICAGO, Dec 8 (Reuters) - Chicago Board of Trade soybean futures fell below $11 a bushel on Monday for the first time since October on uncertainty over whether China will buy as much U.S. supply as Washington expects and as South American weather favored large soy harvests that could begin in about a month, brokers said.

• CBOT January soybeans SF26 settled down 11-1/2 cents at $10.93-3/4 per bushel.

• CBOT January soymeal SMF26 ended down $1.10 at $306.30 per short ton and January soyoil BOF26 fell 0.51 cent to settle at 51.18 cents per pound.

• Bearish data released by the U.S. Commodity Futures Trading Commission on Friday added pressure. The CFTC's backdated Commitments of Traders report showed that commodity funds significantly expanded their net long position in CBOT soybean futures in the week to October 28, leaving the market vulnerable to long liquidation.

• Some analysts remain skeptical that China's purchases of U.S. soybeans will meet the target of 12 million tons cited by U.S. officials. The U.S. Department of Agriculture on Monday confirmed private sales of 132,000 metric tons of U.S. soybeans to China.

• The USDA reported export inspections of U.S. soybeans in the latest week at 1,018,127 metric tons, in line with trade expectations for 900,000 to 1,250,000 metric tons. USDA/I

• In a backdated weekly report, the USDA reported net export sales of U.S. soybeans in the week to November 6 at 510,600 metric tons for 2025/26 delivery, toward the low end of trade estimates for 450,000 to 1,600,000 metric tons.

• Ahead of the USDA's monthly supply/demand report on Tuesday, analysts surveyed by Reuters on average expect the government to raise its forecast of U.S. 2025/26 soybean ending stocks. Market players will be watching for any changes to USDA's U.S. soybean export forecast.

• In preliminary "baseline" forecasts released on Friday, the USDA projected that U.S. farmers will expand soybean plantings in 2026 and reduce seedings of corn and wheat.