November Soybeans finished down 32 at 896, 62 off the high and 2 3/4 up from the low. January Soybeans closed down 32 1/4 at 911 1/4. This was 3 up from the low and 61 1/4 off the high.

December Soymeal closed down 9.2 at 247.5. This was 0.5 up from the low and 19.5 off the high.

December Soybean Oil finished down 1.21 at 38, 2.36 off the high and 0.05 up from the low.

The soybean market opened higher and came under immediate pressure that took prices lower into early mid session. A late morning bounce was followed by renewed pressure and new lows on the day in soybeans into the close. This week's export inspections for soybeans were 13.2 million bushels. Cumulative inspections stand at 4.5% of the projected total compared to a 5-year average of 8.9%. Inspections need to average 21.5 million bushels each week to reach the USDA projection for the current marketing year. Brazil officials indicate that 5% of the soybean crop is planted in the key growing state of Mato Grosso versus an average of 2%. China announced record soybean imports for the month of September earlier today which takes their cumulative imports for January through September, 2008 to 29.7 million tonnes, up 32.2% from the same period in 2007. The National Oilseed Processors Association (NOPA) crush for the month of September came in at 120.4 million bushels which was slightly below trade expectations. Oil stocks were higher than expected at 1.988 billion pounds and traders said that this helped to pressure soy oil during much of the day. Funds were sellers late along with locals. Egypt reportedly bought 12,000 tonnes of sunflower seed oil and 20,000 tonnes of soybean oil today. Harvest progress will be out this afternoon and traders expect soybean progress to be in excess of 50%. Trade at the Gulf is said to be light in soybeans with lower basis levels for near term delivery due to deliveries of late-harvested Delta soybeans.