March Soybeans finished up 11 at 1385 1/2, 5 1/2 off the high and 21 1/4 up from the low. July Soybeans closed up 10 3/4 at 1403. This was 21 1/4 up from the low and 5 1/2 off the high. March Soymeal closed up 1.8 at 374.4. This was 3.8 up from the low and 2.6 off the high. March Soybean Oil finished up 0.92 at 56.7, 0.14 off the high and 1.3 up from the low.

The soybean market recovered part of the sharp losses from yesterday as renewed support for commodity markets in general offset more talk of improving crop conditions in Argentina and near ideal conditions for high yields in Brazil. Oil found solid support from strong gains in other food markets. The 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. Traders will monitor the weekly export sales report in the morning with many traders looking for soybean sales near 700,000 tonnes from 915,800 tonnes last week. Traders see the monthly Census crush report to show December crush near 152 million bushels as compared with 154.99 million in November.

Source: CME Group