November Soybeans finished down 50 at 1448, 63 3/4 off the high and 1 up from the low. August Soybeans closed down 51 at 1470. This was equal to the low and 62 1/2 off the high.

December Soymeal closed down 13.1 at 376.8. This was 1.8 up from the low and 19.7 off the high.

December Soybean Oil finished down 1.38 at 63.5, 1.47 off the high and 0.4 up from the low.

Soybeans opened higher this morning on follow-through strength from an overnight rally along with early strength in crude oil. The market sold off in early morning action and then sold off sharply in the early afternoon to finish sharply lower and at the lows of the day. Both meal and oil were also sharply lower with meal losing to oil on the day. Floor traders say that favorable weather forecasts for the next 5-7 days remain a drag on the market, although soybean growing areas in the Delta have been hot and dry for an extended period which is stressing the crop there. Forecasts call for another week of hot and dry weather in the Delta. A senior cabinet official in Argentina said that export taxes there will revert to fixed rates that applied before the President changed the system to a sliding scale by means of an executive order four months ago. China is rumored to have bought soybeans out of the Pacific Northwest this week. Basis levels at the Gulf are steady to weak this morning with softening export demand. Traders point out that Gulf freight rates to East Asia are still running at a disadvantageous premium to the Pacific NW. Taiwan passed today on a tender for up to 60,000 tonnes of soybeans from either South America or the US citing high prices. Farmer selling is said to have remained very light this week despite the sharp drop in futures.