CBOT soybean futures edged lower overnight. With the long holiday weekend approaching and the USDA September Supply & Demand Report just around the corner, some longs opted to take profits off the table, prompting a modest technical pullback from recent highs. Nevertheless, the front-month contract remains firmly above the 1300 cents/bushel level. On one hand, the U.S. soybean condition rating has declined for several consecutive weeks to 58%, below market expectations and year-ago levels. Coupled with hot and dry weather in some key production areas and growing concerns over an El Nio climate pattern, there is room for downside revisions to new-crop yield and production estimates. On the other hand, China's steady and consistent purchases of U.S. soybeans have provided a solid floor for prices, underpinned by strong export demand.