March soybeans opened 9 cents higher on the session at 1383 1/2 and established an early range of 1369 1/4 to 1387. The soybean market followed wheat and corn higher into the mid-session to trade moderately higher on the session.

Ideas that South America weather is improving right into the more critical pod-setting stage in Argentina was seen as a negative force but this was offset by news that a strike at the key export port in Argentina will paralyze grain exports and could dramatically slow the crush. Argentina is the world's largest exporter of meal and oil and the Rosario region moves about 80% of the product exports.

Private exporters reported a sale of 227,000 tonnes of soybeans to China with 60,000 of the total for the 2010/11 season and the rest for 2011/12. The Argentina export port news helped support the product markets and a colder forecast for the Midwest for next week was seen as a positive factor for meal demand which was said to be sluggish recently.

Source: CME Group