By Andrew Johnson Jr
 Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures climbed
 Wednesday, bouncing back from prior losses on technical buying and underlying
 concerns surrounding longer range weather outlooks.
 
   August soybeans settled 31 cents higher at $15.73 and November soybeans ended
 32 cents higher at $15.48.
 
   December soymeal settled $8.40 lower at $409.70 per short ton. December
 soyoil finished 110 points higher at 65.54 cents per pound.
 
   The market was able to find its footing after extending Tuesday's downturn,
 buoyed by technical buying after selling dried up as prices failed to challenge
 the lows for the month, analysts said.
 
   Futures also garnered a boost from longer range forecasts, raising the
 potential for hotter and drier conditions for the Midwest as soybeans move
 closer to their critical growing period of August, analysts added.
 
   The midday weather models point to an upper level ridge forming around July
 29 through the 31, bring hotter and drier conditions to Minnesota, Wisconsin,
 northern Iowa, and the Dakotas, said Joel Burgio, meteorologist with DTN
 Meteorlogix.
 
   However, this weather pattern provides a mixed feel, as it brings more rain
 chances for the Delta, an area that is of most concerns for dryness presently,
 he added.
 
   Speculative short covering and end-user buying was featured on the bounce,
 effectively erasing early losses attributed to another sell-off in crude oil
 futures.
 
   The DTN Meteorlogix weather forecast calls for an early-week round of hot
 weather over the western Midwest to be a fairly short-lived event.
 Thunderstorms developing in the north and west will move toward the southeast
 during the next few days.
 
   Eastern Midwest areas have a generally favorable crop weather pattern ahead
 during the rest of the week. Temperatures will continue to be warm-to-hot, and
 rainfall will be less than the amounts noted in the western half of the region.
 In the Mississippi Delta region, very little rainfall is in store through the
 next seven days. In addition, temperatures will be normal to above normal, with
 many highs in the mid-90s Fahrenheit.
 
   On tap for Thursday, the U.S. Department of Agriculture is scheduled to
 release its weekly export sales report at 8:30 a.m. EDT. Trade estimates put
 soybean export sales at 175,000 to 500,000 metric tons.  Soymeal sales are
 projected in a range of 50,000 to 200,000 metric tons, with soyoil sales
 expected in a 5,000-to-60,000-ton range.
 
   In pit trades, buyers and sellers were scattered among various commission
 houses, with speculative fund buying estimated at 3,000 lots.
 
 SOY PRODUCTS
 
 
   Soy product futures rallied in step with soybeans, with soyoil managing to
 divorce itself from the negative influence of lower crude oil futures.
 Two-sided action was featured, with both markets moving from sharp declines and
 strong gains over the course of the day.
 
   December oil share ended at 44.44% and the November/December crush ended at
 74 1/4 cents.
 
   In soymeal trades, buyers and sellers were scattered among various
 commission, with speculative fund buying estimated at 2,000 lots.
 
   In soyoil trades, buyers and sellers were scattered among various commission
 houses, with speculative fund buying estimated at 2,000 lots, and commercial
 buying estimated at 2,000 lots.