July Soybeans finished up 48 at 1358, 9 1/4 off the high and 50 up from the low. November Soybeans closed up 58 at 1303 3/4. This was 59 up from the low and 1 1/4 off the high.

July Soymeal closed up 3.3 at 338.5. This was 6.8 up from the low and 8.1 off the high.

July Soybean Oil finished up 2.45 at 62, 0.05 off the high and 2.91 up from the low.

Soybeans opened sharply higher and remained at sharply higher levels throughout the day before closing near the highs of the day. Oil gained sharply on meal today with the July oil contract briefly trading at limit up during mid session and trading again at limit up into the close. New crop November soybeans continued to gain on the old crop July contract. Today's higher prices came in response to this morning's USDA Supply and Demand Report, according to traders. The USDA lowered ending stocks for soybeans to just 145 million bushels for the current crop year and it pegged new crop ending stocks at only 185 million bushels. Total new crop soybean demand was raised to 3.073 billion bushels from 3.024 billion in the current (2007/08) crop year. Oil ending stocks for 2008/09 were pegged at 2.679 billion pounds compared to 2.792 billion pounds this season. Bio-diesel usage was pegged at 2.950 billion for this season and 3.2 billion for the new crop season. A government-run trading firm in India bought 20,000 tonnes of RBD palm olien for delivery by mid-June. Basis levels at the Gulf were steady today.