July soybeans opened 20 1/2 cents higher on the session at 1368 and established an early range of 1368 to 1402. The market opened sharply higher and rallied above Wednesday's highs in both the July and November contracts. The rally was led this morning by soybean oil and old crop soybeans. Traders credited today's strength to sharply higher crude oil which made new all-time highs this morning, a sharply lower dollar and the fact that farm leaders extended the current strike in Argentina to May 21. The strike had been scheduled to end yesterday. In addition, palm oil rallied during the afternoon session in Malaysia from lower at midday to about 1.3% higher on the close. The Canadian Oilseed Processors Association put their weekly soybean crush at 28, 381 tonnes versus 29,971 tonnes last week. Weather remains mostly favorable to planting progress although areas of the eastern and southern Midwest got amounts that ranged up to 1 1/2 inches over the past 24 hours with higher amounts in the Delta. Some rain is still expected today in the extreme eastern soybean belt. However, the forecast is dry in most areas through at least and probably into Monday according to a number of forecasters. The next significant rain is expected on Tuesday in the northern and eastern soybean belt. Basis levels at the Gulf were firm this morning due to a combination of good export demand and slow farmer selling.