November Soybeans finished up 13 1/2 at 1386 1/2, 10 off the high and 28 1/2 up from the low. August Soybeans closed up 13 3/4 at 1398 3/4. This was 26 3/4 up from the low and 8 1/4 off the high.

December Soymeal closed up 0.4 at 360.2. This was 5.4 up from the low and 6.3 off the high.

December Soybean Oil finished up 0.25 at 60.45, 0.07 off the high and 1.15 up from the low.

Soybeans opened lower this morning and chopped slowly higher through late morning. The November contract surged to a new high for the day in the early afternoon, but remained inside yesterday's trading range in the November contract before finishing higher on the day. Funds were sellers of about 2000 contracts in soybeans and 1000 each in meal and oil into mid session. Weather forecasts are still mostly favorable for the Midwest into next week and mostly hot, dry and stressful for soybeans in the Delta. Longer term weather models are conflicting with the US model showing a hot weather system with well above normal temperatures locking in over virtually the entire soybean belt during the first week of August with hot weather in the western soybean belt prior to that. However, the European model shows seasonal to somewhat cooler weather across northern growing areas through the first week of August. The government of Argentina said that it will collect export taxes retroactively from grain exporters and this has brought lower prices to the market at Rosario. Cash market sources report that farmers are still holding onto supplies and that basis levels are generally expected to be firm today in the interior as traders try to attract fresh supplies. Basis levels at the Gulf are steady with little activity due to the closure of the Mississippi near the Gulf of Mexico after yesterday's oil spill.