January soybeans opened 25 1/4 cents lower on the day at 857 3/4 and established an early range of 841 to 859. A late sell off in the overnight session was followed by an even weaker open for the day session. Traders said that there were a host of factors contributing to the sell off including an extension of the overnight rally in the dollar as well as an extension of the substantial overnight breaks in crude oil and gold. Weekend rains in Argentina have also been more widespread and ample than previously thought. This has substantially improved prospects for newly planted soybeans there which traders say is helping to push prices lower. Sources in China report that crushing plants in the largest soybean producing province are shutting down due to the high cost of acquiring domestic soybeans. The government of China is in the midst of a program of buying soybeans for a strategic reserve, and that is driving up prices and reducing profitability for crushers. This week's export inspections were 37.454 million bushels for soybeans. Cumulative inspections stand at 30.6% of the USDA's projection for 2008/09 compared to a 5-year average of 33.9%. Inspections need to average just 17.828 million bushels each week to reach the USDA projection. Basis levels at the Gulf were steady again today with farmer selling described as light.