The July soybean contract ended a tad lower on the National Commodity & Derivatives Exchange in line with losses in key contracts on the Chicago Board of Trade.

After hitting a two-month high on Monday, soybean contracts fell on the CBOT today due to lower demand at a higher price level.

Prices rose on the American bourse earlier following reports that excess rains in the US, the top producer.

Back home, concern over soybean sowing this year following tardy monsoon rains also weighed on sentiments.

Soybean futures closed with most contracts fractionally to 2 cents higher.

Forecasts for heavy rainfall totals in most of the Corn Belt (especially the ECB), with 23% of the crop left to be planted supported the market.

Losses in corn and wheat were seen as pressure. Soymeal was down $2.30/ton, with bean oil 19 points higher.

USDA reported that IL was 70% planted, IN was 74%, MO at 57% and OH just 46% planted by Sunday.

MN was 94% complete, with IA at 89% and NE 91% planted. TN was the only of the 18 states reported faster than normal.