November Soybeans finished up 51 1/2 at 1351 1/2, 18 1/2 off the high and 55 up from the low. September Soybeans closed up 49 1/2 at 1343 1/4. This was 52 1/4 up from the low and 20 1/2 off the high.

December Soymeal closed up 8.8 at 362.5. This was 10.9 up from the low and 5.9 off the high.

December Soybean Oil finished up 2.49 at 56.34, 0.01 off the high and 2.78 up from the low.

The November soybean contract rallied sharply after opening higher today. Prices pushed to limit or near limit up in oil and soybeans during the session in conjunction with a sharply higher crude oil market and a sharply lower dollar. Soybeans eased slightly from the mid day highs late in the session. Oil closed near limit up, gaining sharply on meal on the day. Funds were buyers on the day of at least 5000 contracts in soybeans, 2000 contracts in meal and 3000 contracts in oil. Weather continues to be a concern with forecasters looking for light to moderate rains across the Midwest from tomorrow through the weekend. Amounts are expected to be lighter in the east and heavier in the west. The USDA issued its latest Export Sales Report this morning and it showed totals that were either disappointing, or else simply end-of-the-crop-year account balancing. Net sales came in at -81,100 tonnes in soybeans for the current marketing year and 357,500 for next year for a total of 276,400. Net meal sales came in at 42,900 tonnes for the current marketing year and 10,200 for next year for a total of 53,100. Sales of 170,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 5,600 tonnes for the current marketing year and none for next year for a total of 5,600. Cumulative soybean oil sales for the 2007/2008 (current) marketing year have reached 79.5% of the USDA forecast versus a 5 year average of 75.1%. The soybean sales cancellations this week were by Japan, South Korea and China. Basis levels were steady at the Gulf this morning, but traders noted that the supply pipeline remains very tight.