By Andrew Johnson Jr
    Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures settled lower
 Friday, continuing the week's downward spiral, as futures extract risk premium
 on bearish weather outlooks for Argentina crops.
 
   CBOT March soybeans finished 13 cents lower at $9.55 1/2. March soymeal
 settled $7.00 lower at $297.70 per short ton. March soyoil finished 17 points
 higher at 33.00 cents per pound.
 
   In pit trades, speculative fund selling was estimated at 3,000 lots. Improved
 rain potential for some Argentina crop areas next week provided the fundamental
 spark to extend the week's defensive tone, said Anne Frick, senior oilseed
 analyst with Prudential Bache in New York.
 
   The potential for added showers that could reduce the amount of Argentina
 crops suffering from drought, continued to take the edge off prices.
 
   The forecast has become more promising for Argentina, as some of the better
 shower potential could now reach into drier portions of northwestern Santa Fe
 and northern Cordoba by later next week, according to Cropcast Weather
 Services.
 
   A quiet news front kept attention on weather, with technical selling coming
 into play as prices retreated to new lows for the week. Most active contracts
 dropped for the fourth consecutive day.
 
   Downside pressure had little resistance as buyers maintained a cautious
 approach, unwilling to take on added risk heading into an extended holiday
 weekend, a CBOT floor analyst said. In the face of bearish weather forecasts
 and an uncertain economic climate, market bulls were content to stay on the
 sidelines, he added.
 
   CBOT markets will be closed Monday in observance of Presidents Day. The
 markets will reopen with Monday evening's overnight session.
 
   Nevertheless, supportive underlying export demand in conjunction with a
 tighter old crop balance sheet and strong gains in crude oil managed to limit
 losses, traders said.
 
   Meanwhile, the National Oilseed Processors Association is expected to
 estimate January's soybean crush at 138.1 million bushels, modestly higher than
 the preceding month amid increased meal export demand, according to a survey of
 industry analysts. NOPA is expected to release its figures Tuesday at 8:30 a.m.
 EST (1330 GMT). NOPA soyoil stocks in January are expected to increase by 56
 million pounds to 2.233 billion pounds from the 2.176 billion reported in
 December.
 
 Soy Products
 
 
   Soy product futures ended mixed, with soymeal stumbling on the potential for
 improved crop conditions in Argentina and technical weakness. Soybeans have
 mostly meal content, so improved soybean production prospects have a definite
 impact on soymeal prices, analysts said. Technical selling was featured, with
 prices falling to new lows for the week while piercing through psychological
 support at the $300-per-short-ton level.
 
   Soyoil futures ended higher, benefiting from the unwinding of meal/oil
 spreads and spillover support from strength in crude oil futures, analysts
 said.
 
   March oil share ended at 35.66% and the March crush ended at 62 1/2 cents.