November Soybeans finished down 58 at 1177, 55 off the high and 10 1/4 up from the low. January Soybeans closed down 58 1/4 at 1193 3/4. This was 10 3/4 up from the low and 46 1/4 off the high.

December Soymeal closed down 15 at 327.0. This was 4.5 up from the low and 13.9 off the high.

December Soybean Oil finished down 1.35 at 48.89, 1.27 off the high and 0.74 up from the low.

The soybean complex opened sharply lower today and extended the losses into mid session. Funds were sellers in all pits. Spreaders were active on both sides of the crush spread today. Yesterday, commercials cancelled the last meal contracts that had been registered for delivery against the September contract. Outside markets and economic worries were said to have weighed on the markets today and a negative US jobs report added to the pressure. November soybeans tested the low set in mid-August during the day. Oil fell below its August lows in the overnight session and extended those losses during the day, ending day at the lowest levels since December, 2007. The USDA reported a sale of 110,000 soybeans to South Korea this morning. Weekly export sales were released before the open today, a day late due to the Labor Day holiday. Net soybean sales for the crop year that ended on August 31st were 44,200 tonnes. Soybean sales for the current marketing year were 236,300 tonnes for a total of 280,500. Cumulative soybean sales for 2008/2009 stand at 27.9% of the USDA forecast versus a 5 year average of 22.5%. Germany and China were the week's biggest buyers in soybeans. The USDA also announced a daily sale of 110,000 tonnes of US soybeans to South Korea. Meal sales came in at 101,000 tonnes for the current marketing year and 46,700 tonnes for the year that begins on October 1st for a total of 147,700. Cumulative meal sales for 2007/2008 stand at 88.9% of the USDA forecast versus a 5 year average of 91.3%. Sales need to average 216,000 tonnes each week to reach the USDA forecast. Mexico and the Philippines were the biggest buyers in meal. Oil sales came in at 7,900 tonnes for the current year and none for year starting October 1st. Venezuela was the biggest buyer in oil. Basis levels at the Gulf are said to be steady this morning as elevators there start to load grain for export for the first time since Hurricane Gustav landed.