May Soybeans finished down 57 1/4 at 1270, 67 1/2 off the high and 12 up from the low. November Soybeans closed down 48 1/2 at 1160. This was 8 up from the low and 58 off the high.

May Soymeal closed down 4.8 at 344.0. This was 13.6 up from the low and 8.1 off the high.

May Soybean Oil finished down 2.5 at 54.98, 2.82 off the high and equal to the low.

Soybeans opened sharply lower and then plunged to new lows after 10:00 before chopping near the low end of the day's trading range for most of the remainder of the session. Expanded trading limits today allowed soybeans to trade well below the old limit of 50 cents lower, and oil was locked at the expanded 2.50 cent limit down for much of the day. May and July oil remained at limit down into the close. Old crop soybean contracts lost substantial ground to new crop contracts on the day. Weakness in oil was a result of the sharp upward revision in oil stocks from yesterday's Census Crush Report according to traders. The soybean oil stocks number was revised upward by a very large 420 million pounds to 3.101 billion pounds. The strike in Argentina is also nearing an end according to cash market sources there and this appears to have already ended the brief surge in export demand for US soybeans that followed cancellation of Argentine sales by several major exporters. Basis levels at the Gulf were weaker today on light demand on expectations of a drop in export demand. Canada's weekly canola crush was 80,847 tonnes versus 76,114 last week. Canada's weekly soybean crush was 27,428 tonnes versus 28,232 last week. Traders are looking for a significant jump in planted area for the key report for release Monday morning. March 1st grain stocks may also impact trade on Monday.