November Soybeans finished down 31 1/2 at 1529 1/2, 32 off the high and 48 1/2 up from the low. August Soybeans closed down 30 at 1549. This was 44 up from the low and 32 1/2 off the high.

December Soymeal closed down 9.2 at 399.8. This was 14.2 up from the low and 7.7 off the high.

December Soybean Oil finished down 1.54 at 64.96, 1.87 off the high and 0.91 up from the low.

The soybean complex opened sharply lower this morning. However, unlike yesterday, the lows were established early in all three markets and prices firmed throughout the session. Funds were heavy sellers early in all pits, but this tapered off into mid session, according to floor traders. They added that locals were also sellers early, which triggered commission house sell stops in the opening minutes of trade. Meal lost ground to oil in early and mid session trade, but it recovered its losses to again gain on oil in most contracts into the close. The USDA announced a sale of 38,000 tonnes of soybean oil to Mexico this morning, 9,500 tonnes are for old crop and 28,500 tonnes are for new crop. Brazil's Agriculture Ministry left its soybean crop estimate unchanged at a record 59.8 million tonnes in an estimate released today. Basis levels at the Gulf are mostly steady today with nearby July bids remaining inverted versus August. Traders say that this inversion is a legacy of the strike by farmers in Argentina as well as the recent closure of the Upper Mississippi River which reduced the flow of soybeans into the Gulf export pipeline. The last closed segment of the river reopened on Saturday. (Reports of closure on the Mississippi in Minnesota today were based on two barge tows running aground in an area of light traffic. This will have little or no effect on the flow of grain to the Gulf.)