November Soybeans finished up 6 at 1409, 15 1/2 off the high and 26 3/4 up from the low. August Soybeans closed up 7 1/4 at 1416 3/4. This was 32 up from the low and 14 off the high.

December Soymeal closed up 0.9 at 366.2. This was 3.7 up from the low and 4.8 off the high.

December Soybean Oil finished up 0.25 at 61.5, 0.75 off the high and 1.57 up from the low.

The November contract opened lower and sold off further in early action today. However, selling dried up quickly and soybeans shrugged off the influences of lower crude and a higher dollar to stage a rally that lasted into early afternoon. Soybeans sold off in the final minutes of trade but still managed to close higher on the day. Meal and oil were also higher to end the day with the two markets moving largely in tandem during the session. Traders are reporting that China has bought 1 million tonnes of soybeans and 400,000 tonnes of soy oil. This is expected to give the Chinese government more flexibility in releasing current stocks where they are needed to control inflation. Crop weather is very favorable in the US Midwest with forecasts for more of the same going into the weekend. However, the Delta is another story with dryness and a long range forecast calling for stressful heat into early August. Some rain is expected in the northern Delta and Mississippi later this week which would be beneficial. Oilseed areas in India continue to be dry which is stressing crops there. Some private forecasters are now raising projections of Indian oil imports as a result of possible reductions in oilseed production. Cash markets are said to be steady for soybeans in the US amid continued light selling by farmers.