Chinese cancellations of soybean purchases pressured nearby months in anticipation of an easing of the tight stocks situation in the United States.
The closely watched Chicago Board of Trade July-November soybean spread has narrowed by 35-1/4 cents since widening to a record $2.71-1/2 on April 16.
New-crop November rose 13-1/4 cents during Wednesday's session while July fell 5-3/4 cents.
Analysts were expecting a US Agriculture Department report on Thursday morning to show that old-crop export sales of soybeans were in a range from -200,000 to 100,000 tonnes in the week ended April 17. New-crop sales were forecast between 350,000 and 550,000 tonnes.
Declines were limited in the front-month soybean contract as technical buyers entered the market when prices hit the 23.6 retracement point on a Fibonacci chart tracking its rally to a nine-month high last week.
Soymeal contracts also were mixed, with the front-month falling while deferred offerings firmed. Dealers on the cash market said supplies were tight but demand was weak.
Soyoil contracts were weaker across the board, pressured by light demand.