CHICAGO (Dow Jones)--Soybean futures at the Chicago Board of Trade ended
 lower Friday, but well off earlier lows as end-of-the-day position squaring
 surfaced to trim the market's early plunge, traders said. 
  
   August soybeans ended 12 3/4 cents lower at $6.58 1/2 a bushel, November
 soybeans ended 13 1/2 cents lower at $6.69, December soymeal settled $3.50
 lower at $208.80 a short ton, and December soyoil ended 50 points lower at
 23.92 cent a pound. 
  
   The market was under intense pressure for most of the day from technical
 selling and speculative liquidation, but once the early selling was exhausted,
 futures were able to consolidate its losses down the stretch, said a CBOT
 commission house broker. 
  
   The inability of the market fill a gap on technical charts down to $6.46 1/2
 provided strength to stem the tide of the declines. 
  
   Private forecasters pointing to improved changes of cooler temperatures and
 more consistent precipitation to move into the Midwest by late next week into
 the middle of August provided the fundamental spark to kick start the session's
 technical meltdown, traders said. 
  
   CBOT's announcement that minimum margins on soybean futures would raise to
 $2,498 per contract shook a few smaller positions out of the market as well,
 traders added. This was consistent until the uncertainty of long-range
 forecasts generated enough concern for speculative short covering to push
 November prices back above the June low $6.66 down the stretch, said a CBOT
 trader. 
  
   Looking to Monday, analysts anticipate additional selling to emerge if
 weekend weather models confirm a wetter weather outlook for the soybean belt. 
  
   Drew Lerner of World Weather Inc. said current models predict a cool front to
 move into the Midwest late next week, with moisture favoring the northern belt.
 The northern belt could receive rains from 1/2 inch to 1 1/2 inches while the
 rest of the soybean belt would see precipitation in the 2/10- to 3/4-inch range
 with 40% coverage. 
  
   However, conditions in the Aug. 13-17 time frame point to a clearer picture
 of scattered rains becoming consistent with 100% coverage, added Lerner. 
  
   In pit trades, Cargill Investor Services sold 2,500 December, Goldenberg
 Hehmeyer was a seller of 2,000 November, Refco sold 3,000 November and RJ
 O'Brien sold 1,000 November. ADM Investor Services bought 700 November, ABN
 Amro bought 1,500 November and Refco each bought 500 November 
  
   Commodity fund selling was estimated at 11,000 contracts. 
  
   South American soybean futures ended lower. The September futures settled 12
 cents lower at $6.87. 
  
   SOY PRODUCTS 
  
   Soy product futures ended lower across the board, but off early lows.
 Spillover selling pressure from soybeans and technical weakness combined to pin
 both markets in negative territory, with late short covering providing a
 respite from early lows. 
  
   Soyoil futures continued its retreat from previous highs, with speculative
 liquidation a featured attraction, amid ideas the bullish spark of talk of
 increased biodiesel use has lost some of its luster, traders said. However,
 good commercial buying beneath the market provided strong underlying support
 for prices, traders added. 
  
   December oil share ended at 36.42%, and the November/December crush finished
 at 53 1/2 cents. 
  
   In soymeal trades, Cargill, Cargill Investor Services, Fimat, Goldenberg
 Hehmeyer, Prudential Financial and UBS Securities were each light buyers.
 Cargill Investor Services sold 200 September and 300 December, Man Financial
 sold 500 December, Refco sold 1,500 December and Kottke sold 500 December. 
  
   In soyoil trades, Refco bought 2,000 December, Iowa Grain bought 500
 December, Cargill bought 1,000 September, Bunge bought 800 December. ABN Amro
 sold 500 December, Citigroup sold 600 December, Man Financial sold 1,500
 December and Refco sold 3,000 December. Commodity funds were estimated sellers
 of 9,000 contracts and commercials were estimated buyers of 6,000 contracts.