By Andrew Johnson Jr.
 
   Of DOW JONES NEWSWIRES
 
 
   CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended higher
 Monday, experiencing a modest technical bounce from prior lows amid oversold
 conditions.
 
   CBOT March soybeans gained 10 1/4 cents to $8.72 3/4 a bushel, and May
 soybeans settled 12 3/4 cents higher at $8.76.
 
   May soy meal settled $6.10 higher at $273.30 a short ton. May soyoil finished
 9 points higher at 30.62 cents a pound.
 
   The market had oversold futures last week, pricing in more rain for South
 American crops, but with only adequate showers reported and South American
 crops at the end of their pod-fill stage, soybean futures found support to
 attract short-covering, said Tim Hannagan, an analyst at Alaron Trading in
 Chicago.
 
   Private weather forecasters having taken some rain out of Argentina's outlook
 for this week coupled with forecasts for up to 8 inches of rain in central
 Brazil during the next six to seven days were bullish features aiding the
 advances, Hannagan said.
 
   Commercial buying beneath the market helped underpin prices as did worries
 about the potential impact of an Argentine farmers strike on demand, traders
 said.
 
   However, upside momentum was limited by weakness from outside financial
 markets and lower-than-expected weekly export inspections.
 
   Demand signals showing a seasonal trend of soybean purchases by world
 importers shifting to South America amid the recent stabilization of southern
 hemisphere crops helped cap upside price action, Hannagan said.
 
   U.S. soybeans inspected for export in the week ended Feb. 19 totaled 27.490
 million bushels, down 43.4% from the previous week's 48.550 million. The
 primary destination for the soybeans was China, which accounted for 21.286
 million bushels.
 
   The DTN Meteorlogix Weather forecast said a few dry days for   northern
 Brazil crop areas have been favorable to the progress of the soybean harvest.
 However, rain activity will pick up this week and will threaten further
 progress. Brazil's largest soybean-growing state, Mato Grosso, is forecast to
 receive from 2 to 4 inches of rain this week.
 
   Meanwhile, with Argentina farmers on strike and tensions high ahead of talks
 with the government, Argentines worry whether they are watching a repeat of
 last year's crippling conflict.
 
   There are disturbing similarities between the current standoff and last year,
 when a battle over export taxes spurred farmers to launch a series of
 nationwide strikes and roadblocks over a four-month period that shut down grain
 and beef exports, caused food shortages in the cities and halted road
 transport.
 
 
   SOY PRODUCTS
 
 
   Soy product futures ended higher Monday, recovering from prior losses in
 unison with soybeans. Soymeal futures made strong strides to higher levels,
 staging a relief rally after losses in prior weeks. Soyoil futures ended
 modestly higher, feeding off the supportive tone flowing through the complex,
 but borrowed weakness from crude oil managed to cap upside momentum, analysts
 said.
 
   May oil share ended at 35.91% and the May crush ended at 62 cents.