CHICAGO (Dow Jones)--Soybean futures on the Chicago Board of Trade ended lower, pressured by speculative selling as the market remained on weather watch, traders said.

July soybeans ended 7 1/4 cents lower at $6.67 1/2 a bushel, November soybeans ended 7 1/2 cents lower at $6.78, July soymeal settled $3.10 lower at $211.10 a short ton, and July soyoil ended 8 points lower at 22.98 cents a pound.

The chance for rain in dry areas of the eastern Midwest, with a storm system holding together as it moves eastward across Iowa and Missouri, was enough to entice speculative longs into liquidating some market length, said Dan Basse, president of AgResource in Chicago.

Weather remains the leading driver in the market, and with heavy speculative longs in the market after adding risk premium amid dryness across the eastern belt, futures remain sensitive to improved crop conditions.

In a weather market, "the latest forecast is the greatest," and with midday weather maps showing rain potential for Illinois and Indiana, traders took precautions in case the system moves deep into dry growing areas of the belt, added Basse.

Otherwise fresh news was scant, with light positioning ahead of Friday's supply and demand reports and speculative rolling of positions in front of first notice day on June 30 for the July future serving as featured attractions.

Meteorlogix said during the rest of this week into the weekend in the eastern Midwest, chances for showers increase, with total precipitation by the first of next week ranging from one-quarter to three-quarters of an inch. The best chances for rainfall in the next five days are in Illinois, Meteorlogix said.

On tap for Thursday, U.S. Department of Agriculture is scheduled to release its weekly export sales report 7:30 a.m. CDT. Analysts anticipate soybean commitments in the 200,000 to 350,000 metric ton range. The USDA will release its latest revisions to the soybean balance sheet Friday at 7:30 a.m. CDT.

In soybean pit trades, Bunge Chicago bought 300 July, ABN Amro bought 500 July, Citigroup and Man Financial each bought 400 July, Rand Financial bought 500 July, Refco bought 200 July and 500 November, and DT Trading bought 300 July.

On the sell side, ABN Amro sold 300 July, Calyon Financial sold 700 July, Cargill Investor Services sold 400 July, Man Financial sold 500 July, and Refco sold 200 July and 300 November.

In spreads, Calyon Financial spread 500 November/July, while UBS Securities and Tenco each spread 800 November/July.

SOY PRODUCTS

Soy complex futures ended lower, following the lead of soybeans amid the absence of fresh market-moving news. Soyoil futures managed to hold above unchanged levels for most the session, benefiting from light soyoil/soymeal spread and underlying commercial buying interest. Soymeal was on the defensive from speculative selling attributed to bearish weather forecasts for new-crop soybean plants.

July oil share ended at 35.25% and the July crush spread finished at 49 3/4 cents.

In soymeal trades, ADM Investor Services, Cargill and Goldenberg Hehmeyer each bought 200 July, Calyon Financial bought 300 July, and Cargill Investor Services and Rand Financial each bought 400 July.

In soyoil trades, Bunge Chicago bought 500 July, Cargill bought 700 July, and Refco bought 300 July. Calyon Financial and RJ O'Brien each sold 200 July. Commercial buying was estimated at 1,000 contracts.

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