January Soybeans finished down 37 at 846, 36 3/4 off the high and 5 up from the low. March Soybeans closed down 36 3/4 at 854 1/4. This was 5 1/4 up from the low and 36 1/4 off the high.

March Soymeal closed down 3.7 at 251.7. This was 2.1 up from the low and 6.9 off the high.

March Soybean Oil finished down 1.51 at 31.83, 1.47 off the high and 0.32 up from the low.

The soybean market opened sharply lower today on what traders said was a combination of bearish factors related to the economy. Prices then traded sideways in the January contract into the close. Traders said that a sharp break in equities came on deepening fears of a further contraction of the US and world economies. This generated a wave of liquidation selling in commodities which traders said was led by lower crude oil and gold. Weekend rains in Argentina have also been more widespread and ample than previously thought. This has substantially improved prospects for newly planted soybeans there which is also thought to have pushed prices lower to start the day. Sources in China report that crushing plants in the largest soybean producing province are shutting down due to the high cost of acquiring domestic soybeans. The government of China is in the midst of a program of buying soybeans for a strategic reserve, and that is driving up prices and reducing profitability for crushers. This week's export inspections were 37.454 million bushels for soybeans. Inspections need to average just 17.828 million bushels each week to reach the USDA projection. Basis levels at the Gulf were steady again today with farmer selling described as very light.