CHICAGO (Dow Jones)--End-of-month book-squaring coupled with less-threatening
 extended weather outlooks attracted speculative selling and pinned soybean
 futures at the Chicago Board of Trade in negative territory Friday. 
  
   August soybeans ended 12 1/2 cents lower at $6.71 3/4 a bushel, November
 soybeans ended 11 1/2 cents lower at $6.86 3/4, August soymeal settled $3.40
 lower at $212.40 a short ton, and August soyoil ended 19 points lower at 24.31
 cent a pound. 
  
   A less ominous extended weather outlook and signs the market had run out of
 upside momentum this week served as a spark to run a few longs out of the
 market heading into the weekend, said Anne Frick, oilseeds analyst with
 Prudential Financial in New York. 
  
   Weak technical indicators with futures struggling to find buyers above
 psychological resistance levels and the subsequent slide below major moving
 averages added to the defensive theme in the market, traders said. 
  
   Heading into the weekend with uncertainty tied to extended weather forecasts,
 outlooks for improved crop ratings in Monday's crop progress report and traders
 bracing for production estimates from private forecasters was enough to
 discourage new longs from entering the market, added Prudential's Frick. 
  
   Nevertheless, weather remains a driving force in the market, as traders await
 definitive answers on how summer dryness will affect final yield and production
 data. 
  
   Meanwhile, very limited rainfall is expected through Tuesday across the
 Midwest, with temperatures warming into early next week, said John Dee,
 president of Global Weather Monitoring in Lake Linden, Mich. 
  
   However, there is a very strong indication that there will be a cooloff in
 temperatures similar to the recent drop in temperatures in the Midwest late
 next week, Dee said. The uncertainty involves moisture, but 70% of the Midwest
 should receive between three-10ths and eight-10ths of an inch late next week,
 he added. 
  
   In soybean pit trades, Bunge Chicago bought 200 November, and Cargill and
 Iowa Grain each bought 300 November. 
  
   On the sell side, Calyon Financial sold 700 November, Refco sold 1,000
 November, Cargill Investor Services, Goldenberg Hehmeyer and UBS Securities
 each sold 300 November, and Shatkin/Arbor sold 500 November. Commodity funds
 were estimated sellers of 4,000 contracts. 
  
   South American soybean futures encountered sharp losses Friday. The August
 contract settled 14 cents lower at $6.89 1/2 and the September futures settled
 16 3/4 cents lower at $7.04 1/2. 
  
  
    Soy Products 
  
  
   Soymeal futures ended lower across the board, keeping pace with the defensive
 tone exerted from soybeans, with end-of-month speculative selling featured
 attractions. The ability of active contracts to slip below support at major
 moving averages kept pressure on the market for most of the day, traders said.
  
   Soyoil futures ended lower but managed to finish as the strongest link in the
 complex, regaining some oil share with commercial buying stemming the tide of
 the session's losses, traders added. 
  
   August oil share ended at 36.40%, and the August crush finished at 63 cents. 
  
   In soymeal trades, Rand Financial bought 400 December, and Refco bought 300
 December. Calyon Financial and Merrill Lynch each sold 400 December, and Man
 Financial and Rand Financial each sold 300 December. Commodity fund selling was
 estimated at 2,500 contracts. 
  
   In soyoil trades, Man Financial bought 300 December, ADM Investor Services,
 Bunge Chicago and Term Commodities were featured buyers. Cargill Investor
 Services, Man Financial and RJ O'Brien each sold 300 December, and Refco sold
 600 December. Commodity fund selling was estimated at 1,000 lots.