November Soybeans finished up 16 at 980, 10 off the high and 33 up from the low. January Soybeans closed up 16 1/4 at 995 1/2. This was 31 1/2 up from the low and 9 1/2 off the high.

December Soymeal closed up 7.2 at 276.0. This was 9.5 up from the low and 3.2 off the high.

December Soybean Oil finished up 0.02 at 39.79, 0.96 off the high and 0.81 up from the low.

The soybean markets traded mostly higher on the day on what traders said was mainly short covering ahead of tomorrow's Supply and Demand Reports. Traders are expecting a slight reduction in yield and production with a jump in ending stocks brought on by a higher than expected Quarterly Stocks Report. Meal gained on oil today with meal finishing sharply higher and oil finishing mixed. Traders indicated that the soybean complex and grains are trying to focus on their own fundamentals as we near the end of a very negative week. The first round of data came this morning with the USDA's Export Sales Report which showed stronger than expected numbers for soybeans and meal and a neutral number for oil. Net sales for soybeans came in at 602,400 tonnes. As of October 2, cumulative soybean sales stand at 40.6% of the USDA forecast for 2008/2009 versus a 5 year average of 36.4%. Sales of 339,000 tonnes are needed each week to reach the USDA forecast. Net meal sales came in at 204,500 tonnes which was also above trade expectations. This helped offset bearish news from the poultry industry. Cumulative meal sales stand at 21.9% of the USDA forecast for 2008/2009 versus a 5 year average of 25.6%. Sales of 118,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 8,000 tonnes. Cumulative oil sales stand at 13.7% of the USDA forecast for 2008/2009 versus a 5 year average of 17.3%. China was the biggest buyer of soybeans and Guatemala was the biggest buyer in meal. Basis levels were firm at the Gulf for soybeans this morning on light farmer selling.