July Soybeans finished down 15 1/2 at 1342 1/2, 33 off the high and 4 1/4 up from the low. November Soybeans closed down 14 1/2 at 1289 1/4. This was 3 up from the low and 29 off the high.

July Soymeal closed unchanged at 338.5. This was 3.8 up from the low and 7.5 off the high.

July Soybean Oil finished down 0.72 at 61.28, 1.33 off the high and 0.19 up from the low.

Soybeans, meal and oil all opened higher and came under moderate selling pressure early in the session. Soybean prices then firmed into the early mid session, but fell to new lows later in the morning and again after 12:00. Soybeans closed lower on the day in both old and new crop contracts. Oil lost to meal despite the sharp rally overnight in Malaysian palm oil. Forecasts of drier weather than had been forecast late last week were said to have supported soybeans early on ideas that more rapid planting progress in corn this week could result in fewer acres planted to soybeans. Farmers in Argentina are trying to enlist the support of regional governors in their battle with the national government over export taxes. Farm organizations there resumed their strike last week with an ending date for the strike scheduled for May 15th. No word yet on whether or not the strike will be extended past that date. The Argentine government also said today that various weather problem have negatively impacted late-planted soybeans. Problems included frost, hail and dry weather in that nation's top soybean growing province. The USDA will issue its latest estimates of planting progress this afternoon. The 10-year average for soybean plantings at this time of is 27%. This week's export inspections were 13.1 million bushels. Weekly inspections of just 8 million bushels are needed to reach the USDA projection. Total sales to date stand at 87.2% of the USDA forecast for the season compared to a 5-year average 86.4% for this time of the year.