By Andrew Johnson Jr.
 
   Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures rallied Friday,
 continuing their recovery bounce from early week lows, buoyed by bullish
 forecasts for Argentina crops.
 
   CBOT March soybeans finished 21 cents higher at $10.01. March soymeal settled
 $9.30 higher at $317.30 per short ton. March soyoil finished 35 points higher
 at 33.40 cents per pound.
 
   In pit trades, speculative fund buying in soybeans was estimated at 4,000
 lots.
 
   Forecasts for a return of hot/dry weather conditions in Argentina next week
 enticed traders into adding risk premium back into prices, analysts said.
 Traders were encouraged by bullish arguments stating that the U.S. will need to
 make up the likely output shortfall in the Southern Hemisphere.
 
   The market remains in a volatile state, bouncing on weather issues, and with
 Argentina crops in the critical pod-filling stage of development, the market is
 very sensitive to the potential for yield losses, analysts said.
 
   Futures rallied to their highest point in nearly two weeks, and technical
 traders were encouraged by active contracts' ability to settle above the
 psychological $10.00- per-bushel level.
 
   Added support was derived from outlooks for tighter U.S. ending stock
 projections and an expected reduction in South American production when the
 U.S. Department of Agriculture releases its February supply-and-demand report
 Tuesday. Nevertheless, profit-taking and end-of-the-week position squaring
 applied mild pressure to trim advances, analysts added.
 
   Looking ahead, traders will eye weekend forecasts for direction for Sunday
 evening's resumption of trade.
 
   The DTN Meteorlogix Weather forecast said Argentina's central crop belts are
 turning hotter and drier again. No rain is expected in the next 10 days,
 increasing stress on the soybean crop, Meteorlogix said.
 
 SOY PRODUCTS
 
 
   Soy product futures followed soybeans higher, with buyers energized by
 concerns for Argentina crops amid stressful weather conditions forecast for
 next week.
 
   Soymeal moved in unison with soybeans, as world soymeal supplies are more
 dependent on soybean supplies, particularly with meal equivalent on the global
 stage, analysts said.
 
   Soyoil futures ended higher, but lost product share on spreads. Corrections
 in the meal/oil spread relationship coupled with weakness in crude oil limited
 soyoil's upside potential, analysts said.
 
   March oil share ended at 34.48% and the March crush ended at 64 1/2 cents.