By Andrew Johnson Jr.
 
   Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended sharply
 higher Monday, soaring on a recovery bounce from previous losses amid oversold
 conditions and supportive underlying fundamental features.
 
   May soybeans settled 50 cents higher at $12.57, July soybeans finished 50
 cents higher at $12.72 and November soybeans ended 49 cents higher at $11.89.
 May soymeal settled $20.00 higher at $330.30 per short ton. May soyoil finished
 137 points higher at 55.77 cents per pound.
 
   May soybeans were synthetically trading between $12.84 and $12.86 on the
 close, traders said.
 
   The market was technically oversold heading into Monday's session, with an
 over-$3.00-a-bushel drop in price since the beginning of the month leaving
 futures overdone on the downside, analysts said.
 
   Stability in outside financial markets and the ability of Asian futures to
 find support overnight gave buyers confidence to return from the sidelines,
 analysts added. Traders have begun to focus attention back on the bullish
 fundamentals of the market in the absence the speculative liquidation seen last
 week, analysts add.
 
   Speculative short covering was featured, with ideas the anticipated increase
 in 2008 U.S. soybean plantings will not replenish stocks to comfortable levels
 in the face of strong demand serving as underpinning support, a CBOT floor
 broker said.
 
   Meanwhile, commercial buying aided the gains also, with rumors of China
 switching some previously purchased soybeans from Argentina to U.S. origin
 providing bullish optimism as well, the broker added.
 
   Looking forward, the market is poised to shift its attention to new-crop
 fundamentals, and with tight old-crop inventories leaving little room for error
 in new crop plantings and production, futures are poised to remain underpinned
 heading into the planting season, analysts said.
 
   In pit trades, buyers and sellers were scattered among various commission
 houses, with speculative fund buying estimated at 4,000 lots.
 
    SOY PRODUCTS
 
 
   Soy product futures soared higher, in step with broad-based gains seen
 throughout the CBOT grain complex. Soymeal futures rallied with nearby
 contracts soaring to their upper daily trading limits of $20 per short ton. The
 combination of spreading between the products, technical buying and spillover
 from other feed gains served as the catalyst to lift futures, analysts said.
 
   Soyoil futures rallied in unison with the rest of the complex, but advances
 were limited by meal/oil spreading, analysts said. However, talk of India
 trimming import duties on soyoil in line with a similar reduction to palm oil
 last week supported prices, analysts added.
 
   May oil share ended at 45.81% and the May crush ended at 83 cents.
 
   In soymeal trades, buyers and sellers were scattered among various commission
 houses, with speculative fund buying estimated at 3,000 lots.
 
   In soyoil trades, buyers and sellers were scattered among various commission
 houses, with speculative fund buying estimated at 3,000 lots.