November Soybeans finished up 20 at 1630, 4 3/4 off the high and 35 1/2 up from the low. August Soybeans closed up 16 1/2 at 1639 1/2. This was 31 1/2 up from the low and 4 1/4 off the high.

December Soymeal closed up 8.8 at 428.0. This was 11.6 up from the low and equal to the high.

December Soybean Oil finished up 1.07 at 69.45, 0.14 off the high and 1.7 up from the low.

The soybean market opened lower and rallied throughout the session. The November contract made a new all-time high early in the afternoon and then surged to a significant new high just prior to the close. Ideas that hot and dry weather will develop in the western Corn Belt into the middle of next week and last for at least a week or more helped spark the rally. Volume was said to be light and featureless early in the session. Meal and oil mostly kept pace with the rally in soybeans throughout the day although nearby contracts for both markets lost to deferred contracts. News is light and cash markets are quiet ahead of the holiday weekend. Normal weather is in the forecasts for the next few days which traders say is adding to the lack of direction this morning. The Argentine Congress proposed that the Argentine President's controversial export tax be applied only to large farmers, but this has been rejected by farm leaders. This brings the "Argentina problem" back into the mix with a resumption of the strike now said to be somewhat possible. Over the past two weeks the likelihood of a resumption of the strike has been considered very low. Basis levels at the Gulf were steady today in quiet trade.