CHICAGO (Dow Jones)--Soybean futures on the Chicago Board of Trade ended
 modestly higher Wednesday, in another two-sided session as the uncertainty of a
 weather market continues to promote volatile action, traders said. 
  
   July soybeans ended 1 3/4 cents higher at $7.37 a bushel, November soybeans
 ended 1 cent higher at $7.54, July soymeal settled $0.90 lower at $230.70 a
 short ton, and July soyoil ended 12 points lower at 25.32 cents a pound. 
  
   "Futures continued to climb the wall of weather worry, but with a fair amount
 of premium already in the market, speculative traders were willing to take
 profits amid the potential for rain in long-range forecasts," said Dan Basse,
 president of AgResource in Chicago. 
  
   New-crop months rallied to new highs in early trade, bolstered by the lack of
 expected showers in dry areas of the Midwest overnight. Mounting fears of
 potential yield losses amid healthy demand profiles continued to raise concerns
 over the potential tightening of the new-crop soybean balance sheet. 
  
   However, the market continues to walk on pins and needles in regard to
 weather, said Basse. The absence of any meaningful rains in the near term
 supports the uptrend, while the potential for cooler, wetter conditions in 11-
 to 15-day forecasts keep traders tentative as prices approach the $8.00 level,
 particularly without any documented crop damage at this point, he added. 
  
   Nevertheless, the probabilities of Asian rust surfacing in the Midwest and
 earlier than expected detection of aphids in the Midwest have provided enough
 concerns to keep a floor under prices. 
  
   Meanwhile, the Meteorlogix forecast calls for no more than one-half inch
 total rainfall in the eastern Midwest between now and the first part of next
 week with temperatures expected to range from the low-80s to low-90s
 Fahrenheit. 
  
   On tap for Thursday, U.S. Census Bureau is scheduled to release its May crush
 report at 7 a.m. CDT (1200 GMT). The average of analyst expectations pegged
 soybean crushings at 142.4 million bushels. U.S. Department of Agriculture is
 scheduled to release its weekly export sales report at 7:30 a.m. CDT (1230
 GMT), with the pre-report trade estimates ranging from 75,000 to 150,000 metric
 tons. 
  
   In soybean pit trades, Bunge Chicago bought 400 July, Citigroup, Cargill
 Investor Services and Man Financial each bought 300 November, and Fimat bought
 200 November. 
  
   On the sell side, ADM Investor Services and Citigroup each sold 200 November,
 Cargill sold 500 November, Cargill Investor Services sold 300 August, Fimat
 sold 400 November, RJ O'Brien sold 500 November, Rand Financial sold 300
 November, and Refco sold 800 November. 
  
  
    Soy Products 
  
  
   Soy product futures ended mostly lower, retracing recent gains as both
 markets continued to consolidate from Monday's highs. Spillover pressure from
 soybeans' slide from early highs and technical selling as both soyoil and
 soymeal fill in gaps left on technical charts attracted late speculative profit
 taking. 
  
   July oil share ended at 35.43%, and the July crush finished at 49 cents. 
  
   In soymeal trades, Cargill Investor Services, Man Financial and RJ O'Brien
 were light buyers, O'Connor bought 300 July. Cargill sold 200 December,
 O'Connor sold 500 December, Prudential Financial sold 200 July and 200 August,
 and Rand Financial sold 400 July. 
  
   In soyoil trades, Citigroup bought 300 December, Fimat bought 400 December,
 Prudential Financial bought 1,000 December, and Refco bought 200 August. Bunge
 Chicago sold 600 December, Cargill Investor Services sold 400 December, Iowa
 Grain and Rand Financial each sold 300 December, and Refco sold 400 December.