By Andrew Johnson Jr
   Of DOW JONES NEWSWIRES


  CHICAGO (Dow Jones)--Soybean futures on the Chicago Board of Trade
experienced another choppy, two-sided session Thursday, continuing to adjust to
mixed fundamentals for old and new crop futures.

  CBOT September settled 23 3/4 cents higher at $11.14 1/4, and November
soybeans finished 1/2 cent lower at $9.96. In pit trades, speculative fund
selling was estimated at 1,000 lots in soybeans, and 1,000 lots in soyoil.

  September soymeal settled $16.00 higher at $379.00 per short ton, and
December soymeal ended $2.00 lower at $296.50. December soyoil finished 26
points lower at 36.83 cents per pound.

  The market continues to "hang in the balance," struggling to find direction
amid the uncertainty surrounding the potential of the 2009 U.S. soybean crop,
said Darrell Jobman, analyst with Traderplanet.com.

  Traders have to maintain weather premium in the market due to the threat of a
September frost for crops, Jobman said. Meanwhile, upside potential remains
limited as traders factored in the potential for record soybean production if
the crop avoids freezing temperatures through September, he added.

  Strong weekly exports sales and tight nearby supply remain bullish factors
for prices, enabling futures to push higher in early action. However, a lack of
follow-through buying near the highs on ideas the supportive features are
priced in the market uncovered profit-taking pressure.

  Mixed signals from outside markets aided the choppy tone, as traders take a
cautious approach, keeping a close eye on weather forecasts as the market
remains fearful of the premature growing season.

  Meanwhile, DTN Meteorlogix said Midwest weather conditions will continue to
feature much cooler temperatures this weekend through Monday. This does not
mean a frost, as it is too early for that event, but it would mean slower
development of crops for at least a few days.

  In addition to cool temperatures, moderate-to-heavy rain in the Midwest
brings a further slowdown to crop progress due to the additional wet conditions
on crops. Rain and cool temperatures also increase the disease risk to
soybeans, Meteorlogix said.

  In demand news, the U.S. Department of Agriculture reported total weekly
soybean export sales were a net 2.054 million metric tons for the week ended
Aug. 20. Sales for 2009-10 were a net 1.966 million metric tons.

   SOY PRODUCTS


  Soymeal futures ended mostly lower, with the September meal contract the
exception to the lower theme. Tight availability of nearby supplies and strong
export demand serve as bullish forces to underpin prices, analysts said.
Deferred months drifted lower, succumbing to spillover weakness soybeans and
technical pressure.

  Soyoil futures stumbled, retreating on speculative sales in the absence of
fresh supportive inputs and mixed signals from outside markets.

  December oil share was 38.26%, while the November/December soybean crush
ended at 61 1/2 cents.