CHICAGO (Dow Jones)--Pre-crop report position squaring produced a quiet
 two-sided trading session Thursday, with Chicago Board of Trade soybean futures
 finishing the day at modestly lower levels. 
  
   November soybeans ended 2 1/2 cents lower at $6.50 1/4, December soymeal
 settled $0.50 higher at $206.40 a short ton, while December soyoil ended 7
 points lower at 22.91 cent a pound. 
  
   The market lacked any features, as the unwillingness of traders to take on
 added risk heading into the U.S. Department of Agriculture's crop report kept
 futures moving sideways, said a CBOT commission house broker. 
  
   All the attention has shifted to Friday's report, and despite a general
 consensus that soybean projections will be discounted because the data used in
 the report was taken before the critical pod filling stage, traders remain on
 guard for potential surprises from the USDA, he added. 
  
   The USDA is scheduled to release its crop production and supply and demand
 report Friday at 7:30 a.m. CDT. The average of analysts estimates surveyed by
 Dow Jones Newswires pegged 2005 soybean production at 2.802 billion bushels
 with a yield of 38.7 bushels an acre. Carryout for 2004-05 was pegged at 296
 million bushels and 2005-06 carryout at 168 million bushels. 
  
   Nevertheless, a bearish weather pattern with scattered showers expected to
 provide beneficial moisture to soybean crops across the Midwest through the
 weekend managed to apply mild pressure to prices. Speculative selling was
 keynote in soybean's ability to end lower, with Fimat a consistent seller
 throughout the day, traders said. 
  
   Otherwise, the market lacked any fresh fundamental influences to impact
 prices, with many participants content to sit on the sidelines awaiting
 Friday's data. 
  
   In pit trading, ADM Investor Services bought 400 November, Man Financial and,
 Rand Financial each bought 300 November, Refco bought 700 November. ABN Amro,
 Citigroup, Rand Financial and Refco each sold 300 November, while Fimat sold
 2,000 November. Commodity funds were estimated sellers of 1,000 contracts. 
  
   South American soybean futures ended mostly lower. The September futures
 settled 3 cents lower at $6.72. 
  
  
 SOY PRODUCTS 
  
  
   Soymeal futures ended marginally higher in quiet sideways fashion,
 consolidating ahead of Friday's crop report, traders said. The absence of any
 fresh market moving news failed to provide an incentive for traders add risk
 ahead of a major report, they added. 
  
   Soyoil ended lower, finishing at a 2 1/2 month low. A continuation of
 speculative liquidation and fresh selling interest attributed to technical
 weakness helped extend the current bearish trend in the market, analysts said.
 However, overall activity was relatively quiet, with moderate activity able to
 influence prices in thin trade. 
  
   December oil share dropped to 35.69%, and the November/December crush
 finished at 55 3/4 cent. 
  
   In soymeal trades, ADM Investor Services and Citigroup were light buyers,
 while Cargill sold 400 December, Cargill Investor Services and Citigroup each
 sold 200 September. 
  
   In soyoil trades, Citigroup and Refco each bought 400 December, Bunge Chicago
 bought 200 September and 200 March. 
  
   Prudential Financial, Calyon Financial and Refco each sold 300 December,
 Citigroup sold 400 December, with Cargill Investor Services, Iowa Grain, Man
 Financial, RJ O'Brien and Rand Financial each light sellers.