November Soybeans finished up 32 at 1548, 11 1/2 off the high and 60 up from the low. August Soybeans closed up 31 at 1573. This was 56 1/2 up from the low and 11 1/4 off the high.

December Soymeal closed up 8.4 at 409.7. This was 17.9 up from the low and 4.5 off the high.

December Soybean Oil finished up 1.1 at 65.54, 0.01 off the high and 2.24 up from the low.

Soybeans opened slightly lower this morning and ran into relentless selling pressure through mid morning which took the entire complex sharply lower. Meal and soybeans led the decline, with meal losing sharply to oil. This continues the trend of the past week. Soybeans and meal traded just above their early lows into early afternoon. November soybeans closed near the morning low, but meal made a new low into the close, touching limit down in the process. Traders indicated that selling initially included profit-taking or liquidation that came in response to a wet weather forecast over the next 3-5 days for the US Midwest. Early selling also came in response to the Argentine Senate's rejection of the President's controversial export tax proposal on soybeans and other commodities. The Senate vote was a surprise to many traders. A sharp mid morning sell off in crude added further pressure over the course of the session. This week's Export Sales Report showed somewhat disappointing numbers for soybeans and meal. Net old crop sales for soybeans were 63,500 tonnes with net new crop sales at 39,000 tonnes. Sales have already exceeded the USDA's projection for the current marketing year. Total sales to date for soybeans stand at 101.9% of the projected total compared to a 5-year average of 100.7%. In oil, net old crop sales were 5,900 tonnes with net new crop sales at zero. Weekly sales of 29,000 tonnes are needed to reach the USDA projection. Total soy oil sales to date stand at 76.5% of the projected total compared to a 5-year average of 64.8%. In meal, net old crop sales were 61,200 tonnes with net new crop sales at zero. Sales of 94,100 tonnes are needed each week to reach the USDA projection. Total sales of meal to date stand at 87.1% of the projected total compared to a 5-year average of 84.5%. A private firm in Taiwan is expected to tender for 30-60,000 tonnes of soybeans on Friday. Cash markets were quiet and mostly steady.