By Andrew Johnson Jr
 
   Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures tumbled Monday,
 erasing risk premium as Midwest weather outlooks are seen promoting crop
 development.
 
   August soybeans settled 33 1/2 cents lower at $15.82 and November soybeans
 ended 37 cents lower at $15.59. The spot month July futures quietly expired 35
 1/2 cents lower at $15.95.
 
   December soymeal settled $12.90 lower at $415.20 per short ton. December
 soyoil finished 82 points lower at 65.20 cents per pound.
 
   "The price weakness was all weather related," said Brian Hoops, president
 Midwest Market Solutions in Yankton, South Dakota.
 
   Weather models on Friday pointed toward a heat ridge forming in the Midwest,
 but the models on Sunday took the heat away, calling for seasonal temperatures
 with above normal precipitation in 6 to 10-day outlooks.
 
   The market effectively extracted some risk premium, as near term weather
 seems ideal for developing soybean crops, said Hoops.
 
   Outside markets provided mixed signals, with a midday bounce in crude oil
 futures lending support, but not enough to overcome the dominant influence of
 weather, analysts added.
 
   Technical selling played a role in the market's slide as well, with the most
 active November future hovering around its 20-day moving average for most of
 the day.
 
   The DTN Meteorlogix weather forecast calls for temperatures to be in the
 range of 85-92 Fahrenheit over the Midwest east of Interstate 35 (central
 Iowa). This round of heat, on the heels of the widespread rain last week and
 weekend, means a favorable weather pattern for corn pollination and soybean
 blooming.
 
   During the past weekend, rainfall of two to five inches covered the central
 Corn Belt - from eastern Iowa to central Indiana. This rainfall is a timely
 boost for soil moisture as corn and soybeans move into their reproductive
 stages this growing season, Meteorlogix reports.
 
   Meanwhile, analysts expect crops rated good to excellent conditions are
 expected to rise by 1 to 3 percentage points, with percentage of crops blooming
 seen rising to 25%.
 
   Soybeans love sunshine, and the Midwest has had its share lately, and that
 should have boosted the crops' blooming percentage, said Hoops. U.S. Department
 of Agriculture is scheduled to release its weekly crop progress report at 4
 p.m. EDT.
 
   In pit trades, buyers and sellers were scattered among various commission
 houses, with speculative fund selling estimated at 3,000 lots.
 
    SOY PRODUCTS
 
 
   Soy product futures ended lower, consolidating off Friday's gains. The
 products moved in unison with the slide in soybeans as benign Midwest weather
 conditions improved soybean yield potential. Speculative selling was featured.
 
   December oil share ended at 43.98% and the November/December crush ended at
 71 1/2 cents.
 
   In soymeal trades, buyers and sellers were scattered among various
 commission, with speculative fund selling estimated at 2,000 lots.
 
   In soyoil trades, buyers and sellers were scattered among various commission
 houses, with speculative fund selling estimated at 2,000 lots.