CHICAGO (Dow Jones)--Soybean futures on the Chicago Board of Trade ended
 moderately higher Friday, staging a modest bounce off Thursday's lows, with
 rumblings of Chinese demand underpinning prices, traders said. 
  
   November soybeans ended 4 1/4 cents higher at $6.02 per bushel, December
 soymeal settled $0.50 higher at $186.70 a short ton, while December soyoil
 ended 6 points higher at 22.38 cent a pound. 
  
   Oversold market conditions triggered light speculative buying, as
 participants positioned themselves heading into the weekend, with traders
 encouraged by the November futures' ability to settle back above the $6.00
 price level, analysts said. 
  
   The supportive tone was consistent throughout the day, as the market
 consolidated from recent lows, but advances remained limited on improved crop
 prospects amid beneficial rains moving across the Midwest. 
  
   However, rumors of China buying up to five cargoes of U.S. soybean supplies
 provided light support in a thinly traded market. Cash-connected traders said
 firm basis levels at the Louisiana Gulf fed the rumors of export demand. 
  
   Nevertheless, futures prices traded inside days on technical charts unable to
 attract aggressive interest on either side of the market. Speculative funds
 took a breather from Thursday's torrid selling pace, as the funds have not
 committed to the short side of market like the neighboring corn and wheat
 futures markets, analysts said. 
  
   Meanwhile, the DTN Meteorlogix forecast calls for showers and thunderstorms
 to continue working from west to east, centering again on the southern Midwest.
 Rainfall for the Midwest south of Interstate 80 will total from 1/4 to 1 inch
 by late Saturday. Next week should remain mostly dry for the entire central
 U.S. crop areas, Meteorlogix said. 
  
   In other news, Pro Farmer on Friday estimated the 2005-06 U.S. soybean crop
 at 2.783 billion bushels, with a yield at 38.5 bushels per acre. The 2005-06
 estimates released Friday are from Pro Farmer and are in no way associated with
 the John Deere/Pro Farmer Midwest crop tour or its participants. 
  
   Ahead of the open, Allendale Inc., a research and brokerage firm in McHenry,
 Ill., released the results from its 16th annual Farmer Crop Survey. The
 producer survey suggested soybean production at 2.768 billion bushels, with a
 yield of 38.34 bushels an acre. These estimates compare to the U.S. Department
 of Agriculture's projection of a 2005-06 soybean crop at 2.791 billion bushels,
 with a yield of 38.7 bushels/acre. 
  
   In pit trades, Rand Financial bought 500 November, FCStone bought 300
 November, and ADM Investor Services, Cargill and ABN Amro each bought 200
 November. 
  
   On the sell side, Prudential Financial sold 400 November, Refco and Man
 Financial each sold 300 November, and ADM Investor Services and Cargill each
 sold 200 November. 
  
   South American soybean futures ended higher across the board. The September
 futures settled 5 cents higher at $6.31. 
  
  
    Soy Products 
  
  
   Soy-product futures ended modestly higher in a lightly traded, choppy
 session, with both soymeal and soyoil futures finding stability along with
 consolidation mode in soybeans. However, the weight of higher-than-expected
 stocks in Thursday's Census Crush report managed to limit upside potential for
 both markets. 
  
   December oil share was unchanged from Thursday at 37.47%, and the
 November/December crush was at 55 cents. 
  
   In soymeal trades, Term Commodities, Cargill and Rand Financial were light
 buyers. FCStone sold 400 December, Cargill sold 300 December, and Citigroup and
 Fimat each sold 100 December. 
  
   In soyoil trades, ABN Amro and Citigroup each bought 300 December, Goldenberg
 Hehmeyer bought 500 December, and Calyon Financial and Man Financial each
 bought 200 December. Cargill sold 200 October and 100 December, Bunge Chicago
 sold 200 December, Refco sold 300 December, and Tenco, Rand Financial and
 FCStone were each light sellers.