By Andrew Johnson Jr.
 
   Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended mixed
 Friday, with old-crop futures firm on tight supplies, while new-crop contracts
 retreated on pre-weekend and crop-report position evening.
 
   July soybeans settled 7 1/4 cents higher at $15.81 1/2 and November soybeans
 ended 2 cents lower at $15.59 1/2. December soymeal settled $4.00 higher at
 $409.70 per short ton. December soyoil finished 10 points lower at 67.36 cents
 per pound.
 
   The market took on a mixed tone, with nearby futures higher, reflective of
 tight supplies, and outlooks for supportive crop report data from U.S.
 Department of Agriculture Monday, analysts said.
 
   New-crop futures backpedaled off initial advances, pressured by pre-weekend
 and crop-report positioning, as traders reduced some risk amid the
 uncertainties of 2008 acreage and weather, analysts added.
 
   However, futures remain firmly underpinned by bullish long-term outlooks
 toward supply and demand, with the supportive influence of outside inflationary
 markets containing downside risks, traders said.
 
   The market has all the trappings of a historically tight supply situation and
 that continues to feed bullish enthusiasm, traders added. Nevertheless, futures
 ended off early gains, losing upside momentum after nearby futures failed to
 challenge all-time highs, a CBOT broker said.
 
   Overall activity was rather subdued despite the price moves, as traders took
 a cautious approach as they look ahead to Monday's crop report, next week's
 weather and first notice day for July futures contracts.
 
   The DTN Meteorlogix forecast calls for an active weather pattern to remain in
 place over the region. There will be frequent periods with thunderstorms and
 only minor, one- to three-day periods, of drier weather. Some heat will occur
 ahead of weather systems, but also some fairly cool conditions are in store
 behind the systems. Flooding will continue to be a risk, along with possible
 quality problems.
 
   There is no notable change to the weather pattern over the central U.S. as
 the month of July approaches. Midwest temperatures will be near to below
 normal, with rainfall totals continuing near to above normal, Meteorlogix
 forecasts.
 
   Looking ahead, the U.S. Department of Agriculture is expected to show a
 modest decrease in soybean seedings from its March prospective plantings report
 with soybean stocks as of June 1 reflecting solid third-quarter usage in its
 reports scheduled for release at 8:30 a.m. EDT (1230 GMT) Monday.
 
   Analysts surveyed by Dow Jones Newswires estimate average soybean acreage at
 74.203 million acres, down 590,000 acres from the March projection of 74.793
 million. The estimates from the 18 analysts surveyed ranged between 71.965 and
 76.000 million acres.
 
   USDA is expected to report soybean stocks at 669 million bushels in its
 quarterly Grain Stocks report. Estimates ranged from 615 million to 743
 million. Stocks as of March 1 totaled 1.428 billion.
 
   Meanwhile, deliveries against the Chicago Board of Trade July soybean and
 soymeal contracts on first notice day Monday are expected to remain light,
 while soyoil notices have the potential to be large, analysts said.
 
   Analysts expect deliveries against the CBOT July soybean contract to fall in
 a range of zero to 500 lots, with most analysts leaning toward a range of zero
 to 200 lots. Soymeal deliveries are seen between zero and 200 lots, while
 soyoil delivery notices are expected in a range of 1,000 to 3,000 contracts.
 
   In pit trades, buyers and sellers were scattered among various commission
 houses, with speculative fund buying estimated at 1,000 lots.
 
    SOY PRODUCTS
 
 
   Soy product futures ended mixed, with soymeal futures setting new contract
 highs. Soymeal was buoyed by strong underlying demand, with tight stocks, the
 uncertainty of new-crop soybean production potential and supportive outside
 inflationary markets aiding the advances, analysts said.
 
   Soyoil futures stumbled, succumbing to profit-taking pressure, with meal/oil
 spreading weighing on prices as well, analysts said.
 
   December oil share ended at 45.12% and the November/December crush ended at
 82 3/4 cents.
 
   In soymeal trades, buyers and sellers were scattered among various commission
 houses, with speculative fund buying estimated at 1,000 lots.
 
   In soyoil trades, buyers and sellers were scattered among various commission
 houses, with speculative fund selling estimated at 1,000 lots.