January Soybeans finished up 3 at 830, 14 off the high and 10 3/4 up from the low. March Soybeans closed up 1/2 at 835. This was 9 up from the low and 14 off the high.

March Soymeal closed up 0.5 at 246.8. This was 2.5 up from the low and 3.2 off the high.

March Soybean Oil finished down 0.22 at 30.98, 0.8 off the high and 0.08 up from the low.

The soybean market opened lower this morning and rallied to higher on the day during mid session. Prices then eased steadily into the close although the January contract managed to finish higher on the day. Nearby soybean and meal contracts were the price leaders on a day that saw the grain markets all finishing under pressure. Meal gained on oil in the nearby contracts. Funds were buyers early of 3000 contracts in soybeans and 1000 each in meal and oil. Traders report that bids for soybeans by processors have risen across the Midwest today. Processors have generally kept their stocks on hand very low in expectation of lower prices to come according to one analyst. This has come at a time when the farmers' holding mentality is thought to be tighter than ever. Basis levels at the Gulf were also firm this morning with the export end of the supply pipeline also experiencing tightness. Egypt continued its recent buying with a purchase of 32,000 of soy oil and 9,000 tonnes of sun oil. Bangladesh is also in the market for up to 3,000 tonnes of soy oil.