CHICAGO (Dow Jones)--Soybean futures at the Chicago Board of Trade ended
 moderately higher Tuesday, but scaled back earlier gains, as cooler, wetter
 midday weather forecasts uncovered speculative selling. 
  
   August soybeans ended 6 1/4 cents higher at $6.76 a bushel, November soybeans
 ended 6 1/2 cents higher at $6.89, August soymeal settled $1.20 higher at
 $213.40 a short ton, and August soyoil ended 16 points lower at 24.43 cents a
 pound. 
  
   Rising concerns over the state of the soybean crop as it moves into its
 critical yield-developing stage with a warm, dry forecast enticed traders into
 adding weather premium initially. However, futures trimmed advances down the
 stretch, as private forecasters calling for a more organized system to bring
 beneficial rains to the driest areas of the soybean belt in the next 24 hours
 allowed for speculative profit-taking to surface, analysts said. 
  
   The central Midwest is poised to receive some welcome rains, as a storm
 system intensifying as it moves from the west should produce a 1/2 inch or more
 rains from Missouri eastward through Ohio in the next 24 hours, said John Dee,
 president of Global Weather Monitoring in Lake Linden, Mich. 
  
   The eastern Midwest does not have any meaningful rain chances after the
 current system passes through the middle of next week, but the eastern
 two-thirds of the Midwest won't have to experience any severe heat during the
 next week, Dee added. 
  
   The afternoon weather forecasts took a lot out of the market, with
 speculative and local selling featured attractions. The locals were caught long
 from earlier in the day, and with prices reversing through major moving
 averages, the selling pressure intensified, said a CBOT commission house
 broker. 
  
   A soybean crop developing faster than expected, with blooms and pod setting
 well above the average pace, placed a greater emphasis on near-term weather in
 early trade, said Tim Hannagan of Alaron in Chicago. Talk of disappointing
 rains totals from a weather system in the western belt and outlooks for warmer,
 drier conditions sparked speculative buying, until a band of showers in midday
 forecasts took some the edge off prices, he added. 
  
   In pit trades, ADM Investor Services, ABN Amro, Man Financial and RJ O'Brien
 each bought 500 November,  Citigroup bought 400 November, Goldenberg Hehmeyer
 bought 1,500 November, Refco bought 800 November, and UBS Securities bought 600
 November. 
  
   ADM Investor Services, Cargill, Refco and Tenco each sold 300 November, Bunge
 Chicago and Merrill Lynch each sold 500 November. 
  
  
    Soy Products 
  
  
   Soymeal futures ended higher across the board, but well off earlier highs,
 moving in unison with the price action in soybeans. Traders said light
 underlying support was generated from processor downtime reducing soymeal
 supplies. 
  
   Soyoil futures ended lower, emerging as the weakest link in the complex,
 retreating from earlier advances on speculative selling, but failed to recover
 with the rest of the complex, traders said. 
  
   August oil share ended at 36.40%, and the August crush finished at 62 1/4
 cents. 
  
   In soymeal trades, Bunge Chicago bought 400 August, Calyon Financial bought
 500 December, Man Financial bought 600 December, Merrill Lynch bought 900
 December, and RJ O'Brien and Refco each bought 300 December. Cargill sold 400
 August, Citigroup sold 400 September, and Refco sold 300 September. 
  
   In soyoil trades, Calyon Financial bought 300 December, Cargill Investor
 Services bought 800 December, and Iowa Grain bought 500 December. ABN Amro sold
 400 August, Calyon Financial sold 500 December, O'Connor sold 800 December, and
 Rand Financial sold 300 December.