July soybeans opened 35 1/4 cents higher on the session at 1345 1/4 and established an early range of 1330 to 1367 1/4. Soybeans opened sharply higher and rallied further in very early trade before easing into early mid session. New crop soybeans gained on old crop and oil gained sharply on meal. The morning's higher prices came in response to changes in this morning's USDA Supply and Demand Report according to floor traders. The USDA lowered ending stocks for soybeans to just 145 million bushels for the current crop year and it pegged new crop ending stocks at 185 million bushels. The new crop figure is about 100 million bushels below trade expectations. Total new crop soybean demand was raised to 3.073 billion bushels from 3.024 billion in the current (2007/08) crop year. Traders had been expecting a reduction in usage next year due to this year's record high prices. Oil ending stocks for 2008/2009 were pegged at 2.679 billion pounds compared to 2.792 billion pounds this season. Bio-diesel usage was pegged at 2.950 billion for this season and 3.2 billion for the new crop season. A government-run trading firm in India bought 20,000 tonnes of RBD palm olien for delivery by mid-June.