January soybeans opened 29 cents lower on the day session at 868 and established an early range of 858 3/4 to 873 3/4. Crude oil extended its overnight lows after the close of the overnight session and the dollar extended its gains. Traders said that this caused soybeans to open lower than indicated by losses in the overnight session. Export sales were higher than expected this week for soybeans with meal and oil in line with expectations. China was again the biggest buyer by far. Traders say that China may also step up their buying of domestic soybeans. They had announced in recent weeks that they would buy 1.5 million tonnes of Chinese soybeans to create a strategic reserve and this total may be bumped substantially higher. This week's net export sales for soybeans came in at 790,900 tonnes. As of November 13, cumulative sales stand at 59.1% of the USDA forecast for 2008/2009 versus a 5 year average of 55.1%. Sales need to average 272,000 tonnes each week to reach the USDA forecast. Net meal sales came in at 92,300 tonnes. Cumulative meal sales stand at 34.2% of the USDA forecast for 2008/2009 versus a 5 year average of 39.1%. Sales need to average 112,000 tonnes each week to reach the USDA forecast. Net oil sales came in at 7,900 metric tonnes. Cumulative oil sales stand at 18.0% of the USDA forecast for 2008/2009 versus a 5 year average of 28.6%. Sales need to average 19,000 tonnes each week to reach the USDA forecast. Basis levels were steady at the Gulf this morning with continued strong demand from China being reported by traders.