By Andrew Johnson Jr
 Of Dow Jones Newswires
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended higher
 Wednesday, recouping most of Tuesday's losses on speculative buying associated
 with bullish longer term fundamental outlooks, analysts said.
 
   July soybeans settled 10 3/4 cents higher at $8.08 1/4, and November soybeans
 finished 10 1/4 cents higher at $8.37. July soymeal settled $2.40 higher at
 $216.80 per short ton. July soyoil ended 38 points higher at 35.56 cents a
 pound.
 
   Tuesday's losses were a bit overdone, and with neighboring grains up sharply,
 and uncertainties surrounding eastern Midwest weather, traders returned their
 attention to bullish broad world trends, said Bill Nelson, associate vice
 president A.G. Edwards and Sons in St. Louis.
 
   The bigger picture of the market remains on the long term draw down of
 soybean stocks, and with the market taking on a more worldly view, the market
 has developed resistance to shallow price pullbacks, Nelson added.
 
   Speculative buying was a featured attraction, with talk by some private
 weather forecasters of a moisture blocking ridge building in the Midwest,
 keeping sellers reluctant to aggressively press the market, a CBOT floor trader
 said.
 
   Otherwise, technical factors were key directives, with bullish traders
 encouraged by the July contract's ability to settle firmly above the
 psychological $8.00 per bushel level, analysts added.
 
   The DTN Meteorlogix forecast calls for showers and thunderstorms through
 Friday in the western Midwest, with rain of up to one and one-half inches. This
 sector of the Midwest will remain unsettled, with additional showers during the
 upcoming weekend.
 
   The eastern Midwest has only light, scattered rainfall ahead to finish out
 the month of May and begin the month of June, Meteorlogix forecasts. Several
 periods of showers during the next five days will bring total rainfall of up to
 one inch in only isolated, spotty coverage. Meanwhile, some significant heat is
 moving into the eastern Midwest in the short term, Meteorlogix added in the
 forecast.
 
   In pit trades, ADM Investor Services bought 400 November, Fortis and USA each
 bought 400 July, Fimat bought 300 July and RJ O'Brien bought 1,000 July. JP
 Morgan sold 500 July and 500 March, RJ O'Brien sold 500 July and UBS Securities
 sold 1,000 July. Speculative funds were estimated buyers of between 6,000 and
 7,000 contracts.
 
 SOY PRODUCTS
 
 
   Soy product futures ended higher across the board, buoyed by underlying price
 support from soybeans. Soymeal futures ended higher, trading an outside higher
 day on technical charts as futures consolidated Tuesday's declines, analysts
 said.
 
   Soyoil futures settled higher, managing to recover from initial losses on
 speculative led buying. The market was able to shake off the bearish influence
 of sharply lower overnight Malaysian palm oil prices, as bullish biofuel demand
 prospects remain underpinning features, analysts say. Spillover support from
 soybeans and price strength energy futures added support to promote the higher
 theme, analysts added.
 
   July oil share ended at 45.06% and the July crush ended at 59 3/4 cents.
 
   In soymeal trades, buyers and sellers were scattered among various commission
 houses, with speculative funds estimated net buyers on the day.
 
   In soyoil trades, Speculative fund buying was estimated at 3,500 contracts.
 Tenco bought 900 July, Fiat bought 500 July and Rand Financial bought 400 July.
 JP Morgan sold 300 October and 300 December, Fimat sold 500 July and Rand
 Financial sold 300 December.