By Andrew Johnson Jr.
 
   Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended at session
 highs Friday, rallying into the extended holiday weekend on speculative-led
 buying, analysts said.
 
   July soybeans settled 7 1/4 cents higher at $8.12 1/2, and November soybeans
 finished 7 1/4 cents higher at $8.41 1/2. July soymeal settled $1.00 higher at
 $218.20 per short ton. July soyoil ended 26 points higher at 35.84 cents a
 pound.
 
   The market is maintaining upside momentum, with uncertainty tied to eastern
 Midwest crop conditions, strength in world vegoils markets and bullish charts
 signals combining to attract fresh speculative buys, said Chad Henderson,
 analyst with Prime Ag Consultants in Brookfield, Wisc.
 
   The market rallied to new three-month highs, as traders added risk premium
 amid forecasts for only light, spotty showers to move through eastern Midwest
 crop areas in need of good soaking rains, analysts added.
 
   Longer-term concerns about adequate U.S. and global production and strong
 projected demand from the alternative-fuels sector provided underlying strength
 to aide the bullish tone, traders added.
 
   Nevertheless, technical momentum was a key driver of prices, with futures
 targeting contract highs as a near-term objective basis the new-crop November,
 Henderson added. November soybeans climbed to and intraday high of $8.42, just
 shy of the contract high of $8.43.
 
   Analysts say traders were unwilling to exit long positions until rains
 actually move into the eastern belt and a clear picture of acreage is
 established.
 
   Meanwhile, CBOT markets will be closed Monday in observance of the Memorial
 Day holiday.
 
   The DTN Meteorlogix forecast said the next seven days will bring some light
 rains to the Midwest, including the eastern half of the region. However, the
 forecast calls for no more than three-quarters of an inch of rain in this
 region, mostly in Illinois. Crop stress is beginning to show up in the eastern
 Midwest. With just an average 1.18 inch of rain reported during May 2007, it
 has been the driest month of May since 1934, when an average of 1.12 inch fell
 in the midst of the Dust Bowl days. A widespread, soaking rain is not in the
 outlook for this region, Meteorlogix reports.
 
   In pit trades, buyers were scattered among various commission houses, with
 FCStone, Calyon Financial, Man Financial, and RJ O'Brien featured buyers.
 Speculative fund buying was estimated at 3,000 lots. RJ O'Brien sold 400 July,
 and UBS Securities sold 300 November.
 
    SOY PRODUCTS
 
 
   Soy product futures ended higher, with soyoil carving out some new product
 share. Soyoil rallied to new contract highs and the highest level for a nearby
 future since 1984 on technical momentum and bullish global vegoil outlooks
 associated with an expanding global biofuels industry, analysts say. However,
 futures ended well off session highs, trimming advances on scattered profit
 taking pressure, analysts added.
 
   Soymeal futures ended higher, feeding off the supportive tone filtering
 through the soycomplex. However, continued price strength in soyoil remains an
 undermining feature to keep the market losing product share to soybeans,
 analysts said.
 
   July oil share ended at 45.09% and the July crush ended at 61 3/4 cents.
 
   In soymeal trades, buyers and sellers were scattered among various commission
 houses, with speculative funds estimated buyers of 1,500 lots on the day.
 
   In soyoil trades, Bunge Chicago bought 900 July and Tenco bought 300 July,
 with additional buyers scattered among various firms. Penson GHO sold 500 July,
 with additional sellers scattered among various commission houses. Speculative
 fund buying was estimated at 1,000 lots