January Soybeans finished down 5 at 897, 24 1/4 off the high and 3 3/4 up from the low. March Soybeans closed down 6 at 904 1/4. This was 3 up from the low and 25 1/2 off the high.

March Soymeal closed up 0.4 at 272.4. This was 2.2 up from the low and 6.8 off the high.

March Soybean Oil finished down 0.32 at 32.77, 0.84 off the high and 0.16 up from the low.

A higher open in the January soybean contract was followed by a selloff into choppy trade on both sides of yesterday's close for most of the session. The market moved into new lows in early afternoon and finished the session near the lows of the day. Cash markets were mostly quiet amid reports of stepped up Chinese demand. Traders said that the dollar was a major influence on the soybean complex today with early weakness in the dollar helping to push soybeans higher on the open, and a late recovery in the dollar contributing to the selloff. Meal gained marginally on oil today. Traders said pressure in oil may have been due to India's new tax on soybean oil imports which is intended to support their domestic soybean crushing industry. This is expected to generate a minor shift of India's vegetable imports from soy oil into palm oil, thereby reducing overall world demand for soy oil. Brazil is expecting some rains in their northern soybean belt over the course of this week along with some widely scattered rains in the south. The rains will be beneficial in the north. Temperatures are also forecast to be hot in southern growing areas over the next 6-10 days. Basis levels were steady at the Gulf today.