January Soybeans finished down 19 at 827, 30 1/4 off the high and 1 up from the low. March Soybeans closed down 19 3/4 at 834 1/2. This was 1 1/4 up from the low and 31 1/4 off the high.

March Soymeal closed down 5.4 at 246.3. This was 1.3 up from the low and 7.7 off the high.

March Soybean Oil finished down 0.63 at 31.2, 1.19 off the high and 0.05 up from the low.

The soybean market opened higher this morning with traders crediting a more positive outlook in financial markets as well as a higher dollar as two of the main factors behind the strength. However, there were a lack of buyers in the first few minutes of trade and locals turned sellers. Funds were on both sides in the early going, switching to the sell side by late morning in soybeans and oil. Meal and oil were both lower on the day and March soybeans made a new low late in the session before closing near the lows of the day. Traders said that the late weakness was attributed to a sell off in crude oil and weakness in stocks. Traders also noted concerns over possible longer term supply issues as improved weather in Argentina raises crop production prospects there. Concern is also growing over unusually large stocks held in farmers' hands in Argentina. Egypt bought 10,000 tonnes of sun oil according to trade sources. Basis levels at the Gulf are steady this morning with traders reporting a strong tone based on expectations of demand from China. Water levels on the Upper Mississippi and on the Illinois River are expected to drop which would result in reduced barge cargoes. Farmer selling in the interior is still said to be light.