November Soybeans finished up 3 1/2 at 1348, 23 off the high and 20 1/2 up from the low. January Soybeans closed up 3 at 1365. This was 19 1/4 up from the low and 23 1/4 off the high.

December Soymeal closed down 2.2 at 365.0. This was 4.6 up from the low and 8.5 off the high.

December Soybean Oil finished up 0.33 at 54.93, 0.62 off the high and 0.61 up from the low.

The soybean complex opened higher in line with overnight gains. Traders said that the market was supported in the early going by a lower dollar and higher crude. However, reports of higher than expected rain totals in the NW soybean belt and in parts of Ohio overnight and into the morning pushed prices lower into mid session. A sharp drop in wheat during midday is also thought to have pressured soybeans. Spread trade was said to be active in meal versus oil to start the day, but this switched as the day progressed. Funds were small buyers in soybeans and in oil, and traded on both sides of the market in meal. Basis levels in the interior US were steady to firm today morning. Basis levels at the Gulf have moved sharply higher since last week on very tight supplies in the Mississippi River pipeline. This in turn is due to navigation problems on the Upper Mississippi as well as harvest delays in areas adjacent to the Lower Mississippi that feed into the export pipeline. Sources in the export markets say that Chinese buyers are back in the market, buying soybeans from both South America and the US. There has also been additional beneficial rain in oilseed areas of central and NE China.