U.S. soybeans ended sharply higher on strength in corn and talk that China was considering lowering import taxes.

Surging corn was supportive, as was a new record high in cotton, which soared on Thursday. Both rallies give farmers an incentive to plant something other than soybeans, which would exacerbate a tight supply outlook.

Meanwhile, analysts noted today's jump was largely a correction from recent losses.

"I think people are taking a step back and saying 'we've dropped by a dollar here," Prime Ag Consultants analyst Chad Henderson said.

The market had slumped in recent days on Department of Agriculture 2011 production projections and recent cancellations of previously announced export sales.

Weekly export sales data, issued Thursday for the week ended Feb. 10, continued to raise concerns about easing demand. The USDA reported total sales of 396,400 tons, including net cancellations of 118,100 tons for delivery in the 2011-12 crop year, which starts in September. That was toward the low end of traders' expectations.

Analysts said the weaker sales reflect a shift in demand from the U.S. to Brazil, which is poised for a large harvest.

But domestic supplies of soybeans are tight, and a strong U.S. crop is needed to avoid a crisis, analysts said. Current prices won't give farmers enough incentive to plant soybeans over other crops, said Frank Cholly, senior market strategist for Lind-Waldock.

U.S. soy products follow strength in soybeans amid talk that China would lower its import tax.

Soymeal broke a five-day string of losses as it rebounded along with soybeans.

While weekly exports were at the low end of expectations for both soymeal and soyoil, rallies in corn and cotton on tight supplies helped lift agricultural commodities generally.