November Soybeans finished down 19 at 948, 30 off the high and equal to the low. January Soybeans closed down 17 at 955. This was equal to the low and 30 off the high.

December Soymeal closed down 2.5 at 288.8. This was 0.8 up from the low and 6.4 off the high.

December Soybean Oil finished down 0.41 at 36.77, 0.72 off the high and 0.36 up from the low.

The soybean market sold off to substantially lower levels to start the day session and remained at or near the lows of the day into early afternoon. Soybean oil was also lower with meal seeing more modest losses for most of the day. Traders said that the rapid advance of the US soybean harvest was one of the main negative price factors in soybeans today along with sharply lower energy markets. Funds were moderate sellers. The USDA reported this morning that China bought 356,000 tonnes of US soybeans for delivery during 2009/10. There was some talk late yesterday that China was in the market for soybeans, but the rumored amounts were only about 1/3rd the size of today's actual sale. Crop weather continues to be favorable in NE Argentina, Brazil and Paraguay with conditions expected to remain favorable for at least the next several days. However, conditions are drier in southern and western growing areas of Argentina. The USDA will issue its November Crop Report on Tuesday, and traders are looking for a fractional increase in the soybean yield and an increase in production of about 10-15 million bushels. In October, the USDA estimated soybean production at 3.250 billion bushels and an average yield of 42.4 bushels per acre. Ending stocks for 2009/10 are expected to come in near 235 million bushels versus 230 million on the USDA's October report.