November Soybeans finished down 13 at 1276, 65 off the high and 17 3/4 up from the low. September Soybeans closed down 12 at 1267. This was 17 up from the low and 64 1/4 off the high.

December Soymeal closed down 3.2 at 347.5. This was 5.3 up from the low and 20.4 off the high.

December Soybean Oil finished down 0.15 at 53.18, 2.31 off the high and 0.96 up from the low.

The soybean complex had a roller-coaster day today, starting lower and rallying to sharply higher levels by late morning. The entire complex then moved lower with November soybeans breaking below the opening lows by early afternoon. Meal lost to oil on the day. Funds were buyers of about 4000 contracts in soybeans early along with 1500 contracts in meal and 2500 contracts in oil. Traders said that crop forecasters report finding fewer pods on soybean plants in a number of locations around the Midwest, and they indicated that this, along with fund buying, contributed to the early strength. This pushed the entire soybean complex into commission house buy stops during mid session. The yield concerns are thought to stem from recent dryness with most areas of the Midwest seeing below normal rainfall totals over the past 1-2 weeks. Some pockets are seeing one of the driest Augusts on record. This is particularly true in the east. China's NE soybean growing areas on the other hand are expecting beneficial rains in coming days as is the Delta in the US. The Midwest may not see coverage until later this week, and levels are not expected to be heavy. Basis levels remained steady today at the Gulf amid tight supplies brought on by very light farmer selling. The river system continues to be affected by lower water levels. Barge traffic is restricted to just one direction on the Upper Mississippi in conjunction with dredging. Basis levels were also mostly unchanged in the interior.