CBOT soybeans end weak on US rains, China trade concerns

CHICAGO: Chicago Board of Trade (CBOT) soybean futures drifted lower on Tuesday on favorable US Midwest crop weather and worries about growing tensions in the US-China trade war, traders said.

* CBOT August soybeans ended down 2-1/2 cents at $8.47-3/4 a bushel while new-crop November soybeans fell 3 cents to $8.65-3/4 a bushel.

* CBOT September soymeal rose 30 cents to $297.30 per short ton. September soyoil fell 0.31 cent to 27.56 cents per pound.

* Fears of trade war with China limiting export opportunities for crops that will be harvested in coming weeks pressured soy prices.

* US President Donald Trump on Tuesday dismissed concerns over a protracted trade war with China, as Beijing warned that Washington's decision to label it a currency manipulator would lead to chaos in financial markets.

* Better-than-expected rains in some dry areas of the US Midwest weighed on the market.

* The US Department of Agriculture said the US soybean crop was rated 54% good to excellent, unchanged from a week earlier. Analysts' had been expecting good-to-excellent ratings of 53%, according to the average of estimates in a Reuters poll.