November Soybeans finished down 47 at 1222, 53 1/2 off the high and 23 up from the low. August Soybeans closed down 42 at 1220 1/2. This was 23 3/4 up from the low and 48 off the high.

December Soymeal closed down 12.7 at 326.8. This was 7.3 up from the low and 14.7 off the high.

December Soybean Oil finished down 1.55 at 52.6, 2.15 off the high and 0.95 up from the low.

The soybean complex opened substantially higher this morning in a follow-through move from the overnight session. Local and commission house buying took the market higher in very early trade. However, floor traders report that volume dried up and soybeans backed away from their highs through early afternoon although prices remained higher on the day. Prices then firmed prior to the close. Floor traders also noted that spreaders bought wheat and sold soybeans today, continuing the recent trend. Brazil's Agriculture Ministry raised its 2007/08 soybean crop estimate slightly to 60 million tonnes from 58.5 million tonnes previously. Forecasts called for scattered rains in the northern Delta today with rain pushing into Louisiana tomorrow. Lower temperatures are also predicted in the Delta through the weekend with hotter temperatures again next week along with a possibility of more rain the middle of next week. More beneficial rain is also expected in the Indian oilseed belt over the next several days. Egypt is in the market for 40,000 to 45,000 tonnes of soybean oil from optional origins. This week's export sales were better than expected in soybeans, in line with expectations for meal and below expectations in oil. Net soybean sales were 374,400 tonnes for old crop and 245,200 for new crop for a total of 619,600. Net meal sales were 59,000 tonnes for old crop and 76,100 for new crop for a total of 135,100. Net sales of soybean oil were 3,600 tonnes for old crop and just 700 tonnes for new crop for a total of 4,300. Sales need to average 38,000 tonnes each week to reach the USDA forecast. China was the biggest buyer by far in soybeans. Basis levels at the Gulf were steady to firm for nearby on a continuation of this week's strength in export demand after the sharp drop in prices.