November Soybeans finished down 25 at 1384, 30 1/2 off the high and 21 1/2 up from the low. August Soybeans closed down 22 1/2 at 1394 1/4. This was 21 3/4 up from the low and 27 off the high.

December Soymeal closed down 4.6 at 361.6. This was 8.6 up from the low and 9.2 off the high.

December Soybean Oil finished down 1.65 at 59.85, 2 off the high and 0.33 up from the low.

The soybean market saw very volatile trade today. The market opened sharply lower and rallied to slightly higher levels late in the morning before selling off to sharply lower levels into the close. Meal gained on oil throughout the day in active trade by spreaders. Traders credited a wide array of factors for the break including lower crude oil and a higher dollar along with a sharp 7% drop in Malaysian palm oil. Weather in the Midwest continued to weigh on the market with rains expected starting tomorrow and into Friday with perhaps 2/3rds coverage across the Midwest. However, the Delta is expected to remain hot and dry for the next week or longer, further stressing the soybean crop there. Conditions in Louisiana already lag other major growing areas with 16% of the soybean crop there rated at poor-to-very-poor and only 46% rated good-to-excellent. This compares to national figures of 11% and 61% respectively. The USDA announced a sale of 120,000 tonnes of soybeans for 2008/09 to unknown destinations this morning. Basis levels in the Midwest were mostly steady to firm today with western Iowa reported as somewhat higher. Basis levels at the Gulf were mostly steady, but traders there indicate that export demand remains light due in part to continued high ocean freight rates and readily available supplies from Argentina.