soybean-CHICAGO: Soybean futures on the Chicago Board of Trade fell 0.7 percent on Monday on profit-taking from contract highs, and ideas that weekend showers in the US Midwest and forecasts for more this week could help late-seeded crops, traders said.

* Weakening cash basis bids at soy processors in the interior Midwest, especially Iowa, added pressure.

* The front eight soybean contracts set contract highs, as did most soybean contracts except spot September, before turning lower.

* Tropical Storm Isaac was due to hit the US Gulf Coast between Florida and Louisiana Tuesday night or early Wednesday. Cargill Inc and Archer Daniels Midland Co shut down some of their export elevators in Louisiana as a precaution.

* Barge traffic between Baton Rouge, Louisiana, and the US Gulf was suspended due to the threat from Isaac, the Crescent River Port Pilots Association said.

* Argentine growers are set to plant corn and soy under ideal conditions over the next two months thanks to record August rainfall.

* Forward sales of Brazilian soybeans rose to 43 percent of expected 2012/13 output, up from 42 percent the previous week and up from 14 percent a year ago, analyst Celeres said.

* USDA reported export inspections of US soybeans in the latest week at 17.407 million bushels, below trade estimates for 20 million to 24 million, traders said.

Copyright Reuters, 2012