By Andrew Johnson Jr.
 
   Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended lower
 Friday, backpedaling from previous gains on broad-based commodity selling.
 
   May soybeans settled 23 1/2 cents lower at $13.32 1/2, July soybeans finished
 23 1/2 cents lower at $13.49 1/4 and November soybeans ended 8 1/2 cents lower
 at $12.62 1/2. May soymeal settled $7.70 lower at $344.50 per short ton. May
 soyoil finished 23 points lower at 59.94 cents per pound.
 
   After a big midweek rally, the market was poised for a setback heading into
 the weekend, said Bill Nelson, grains analyst with Wachovia Securities in St.
 Louis, Mo.
 
   "There was a rush to liquidity in commodities in general, with a sell-off in
 equity markets, and uncertainty surrounding farmer strike issues in Argentina
 encouraging traders to reduce risk exposure heading into the weekend," he
 added.
 
   Argentine President Cristina Kirchner planned to meet with farm group leaders
 Friday for talks to avoid another strike. Farmers said they will strike again
 at the beginning of next month if their concerns over a recent increase on the
 soy export tax are not addressed.
 
   Technical selling was featured, with futures consolidating below key overhead
 resistance levels, traders said. The market had previously satisfied near-term
 upside technical objectives, opening the door for profit-taking to emerge,
 traders added.
 
   Wet Midwest weather conditions raised fears of possible corn playing delays
 and increased soy acres, analysts said. Traders will continue to watch weather
 developments moving forward for signs of planting indications as corn and
 soybeans continue to vie for undecided acreage intentions, analysts added.
 
   Nevertheless, strong export demand continues to underpin prices, with the
 U.S. Department of Agriculture's announcement of a 240,000 metric-ton sale of
 U.S. soybeans to China by private exporters aiding the underlying bullish
 psychology in the market, analysts said.
 
   In pit trades, buyers and sellers were scattered among various commission
 houses, with speculative funds estimated sellers of 2,000 lots.
 
 SOY PRODUCTS
 
 
   Soy product futures stumbled Friday, retreating from previous gains on
 consolidative sales heading into the weekend.
 
   Broad-based weakness in commodities in general set the stage for the
 declines, analysts said. Pre-weekend profit- taking was featured, with soyoil
 garnering pressure from crude oil declines, while soymeal was influences by
 weakness feed grains, analysts added.
 
   May oil share ended at 46.52% and the May crush ended at 84 3/4 cents.
 
   In soymeal trades, buyers and sellers were scattered among various commission
 houses, with speculative funds estimated sellers of 1,000 lots.
 
   In soyoil trades, buyers and sellers were scattered among various commission
 houses, with speculative funds estimated sellers of 1,000 lots.