July Soybeans finished up 30 1/2 at 1378, 24 off the high and 28 1/2 up from the low. November Soybeans closed up 27 3/4 at 1347. This was 27 up from the low and 22 1/4 off the high.

July Soymeal closed up 5 at 350.0. This was 5.1 up from the low and 9.9 off the high.

July Soybean Oil finished up 1.82 at 61.85, 0.63 off the high and 1.54 up from the low.

July soybeans opened sharply higher and rallied dramatically from that point during the first minutes of trade. Prices then eroded throughout the day to just below the opening levels before firming slightly into the close. Traders say that the early strength was based on an array of factors including record high crude oil, a higher gold market, a lower dollar and news that the strike by farmers in Argentina had been extended through May 21. Funds were said to be buyers of 3000 contracts in soybeans along with about 1000 meal and 2000 oil according to floor traders. Oil gained on meal throughout the day. The USDA announced the sale of 230,000 tonnes of soybeans to China. The Canadian Oilseed Processors Association put their weekly soybean crush at 28,381 tonnes versus 29,971 tonnes last week. In addition, palm oil rallied during the afternoon session in Malaysia from lower at midday to about 1.3% higher on the close. Weather remains mostly favorable to planting progress although areas of the eastern and southern Midwest got amounts that ranged up to 1 1/2 inches over the past 36 hours with higher amounts in the Delta. Some rain is still expected today in the extreme eastern soybean belt. However, the forecast is dry in most areas through at least and probably into Monday according to a number of forecasters. The next significant rain is expected on Tuesday in the northern and eastern soybean belt.