November Soybeans finished down 47 at 1251 1/2, 62 1/2 off the high and 22 1/2 up from the low. January Soybeans closed down 47 at 1268 1/2. This was 22 1/2 up from the low and 62 1/4 off the high.

December Soymeal closed down 13.4 at 342.0. This was 6.4 up from the low and 18.4 off the high.

December Soybean Oil finished down 1.59 at 51.24, 2 off the high and 0.69 up from the low.

The soybean market opened lower and briefly rallied to higher on the day in the November contract during early mid session. However, the market retreated into mid session and remained lower into the close. Oil retreated more sharply into the close than meal and lost to meal on the day to continue the recent trend. Nearby September meal closed slightly higher on the day amid reports of sharp increases in cash prices in Minnesota, Iowa and elsewhere. This is due to shortages of meal that have been blamed on tight soybean supplies, and a delayed harvest. Funds were sellers of 2000 contracts in soybeans, and sellers of 1000 contracts in oil. Fund activity was said to be about even on the day in meal. The US Census Bureau issued its July stock estimate at 2.780 billion pounds for soybean oil. This was down 13.8% from June. The report showed that 271 million pounds were used for bio-diesel in July compared to 279 million in June. The Midwestern weather forecast calls for added moisture, some of it heavier than previously forecast, in a broad swath that centers on a line from eastern Missouri to SE Wisconsin. Private forecasters are issuing yield and production estimates this week ahead of the September 12th USDA Supply & Demand Report. A small scale truckers strike in Argentina has begun to spread and it is now in its 6th day. However, sources there report that there is no shortage of soybeans at that nation's ports. Basis levels are said to be steady at the Gulf with some elevators expecting to be ready to load out grain tomorrow.