CHICAGO (Dow Jones)--Heavy speculative selling pressured soybean futures at
 the Chicago Board of Trade down to its 50-cent daily trading limit Monday, as
 the market corrected from overbought conditions amid improved weather outlooks
 for parched central Midwest crops. 
  
   July soybeans ended 50 cents lower at $6.94 1/2 a bushel, November soybeans
 ended 50 cents lower at $7.15 3/4, July soymeal settled $15.80 lower at $215.40
 a short ton, and July soyoil ended 163 points lower at 24.52 cents a pound. 
  
   Record speculative fund length in the market left futures overdue for a
 correction, and with weather patterns changing to less threatening conditions,
 speculative funds and locals alike ran to cover risky long positions, said a
 CBOT commission house broker. 
  
   Traders said the pool of unfilled sell orders in the November contract at the
 close totaled 2,000 lots, with the synthetic option price for November at
 $7.12. 
  
   The swift slide in prices was attributed to a lack of buyers in the market,
 with technical sell stops laddered down from $7.50 per bushel to limit-down
 levels basis the November future. 
  
   The market effectively trimmed some of its excesses, as the recent price
 surge was based on hot, dry forecasts not actual crop damage, analysts said.
 Futures had gotten a little ahead of itself, and without the threat of
 long-term stress for the crop, speculative funds were forced to trim some of
 its record length in the market. 
  
   Meanwhile, the Meteorlogix weather service said, the best chance for
 significant thunderstorms in the very dry central Illinois region comes
 Wednesday or Wednesday night, with hot temperatures in Illinois giving way to
 cooler conditions Friday and Saturday. There may be another chance for
 thundershowers in this region Sunday or Monday, Meteorlogix added. 
  
   In pit trades, ABN Amro bought 1,200 November, Calyon Financial bought 300
 November, Cargill bought 500 November, Man Financial bought 400 November, Bunge
 Chicago bought 200 November. 
  
   On the sell side, ABN Amro sold 1,200 November, Cargill Investor Services and
 Fimat each sold 1,500 November, RJ O'Brien and Man Financial each sold 1,000
 November, Refco sold 2,5000 November, Iowa Grain and UBS Securities each sold
 500 November, Citigroup sold 700 November, and Rand Financial sold 400
 November. 
  
   Commodity funds were estimated sellers of 13,000 contracts. 
  
  
    Soy Products 
  
  
   Soy product futures fell sharply instep with the heavy selloff in soybeans.
 Speculative selling was a featured attraction in both soymeal and soyoil, with
 technically motivated selling adding to the weakness. However, floor traders
 said the products managed to hold above limit-down levels from people will to
 buy the products versus soybeans on the crush spread. 
  
   July oil share ended at 36.27%, and the July crush finished at 49 cents. 
  
   In soymeal trades, Cargill bought 500 December and 500 October. Cargill
 Investor Services sold 400 December, ABN Amro sold 500 December, Fimat sold
 1,000 December, Man Financial sold 1,800 July and 800 December, and Refco sold
 800 December. Commodity funds sold 8,000 contracts. 
  
   In soyoil trades, Fimat bought 500 December, Refco bought 400 December, Term
 Commodities bought 300 December, Bunge Chicago bought 400 July, and O'Connor
 bought 600 December. ABN Amro, Calyon Financial, Citigroup, and Fimat each sold
 500 December, Cargill Investor Services and RJ O'Brien each sold 600 December,
 Man Financial sold 1,200 December, and Shatkin/Arbor sold 1,000 July. Commodity
 funds were sellers of 8,000 contracts.