November soybeans opened 69 1/2 cents lower on the day at 922 1/2 and established an early range of 922 to 947 1/2. The sharply lower open this morning followed a similar break overnight. Selling was light at the opening. This attracted buying by locals which generated a modest rally into early mid session. Buying then dried up into mid session and prices retreated. Meal and oil were also sharply lower with meal gaining slightly in the early going. Outside pressure in most commodity markets except gold was credited to a fear of deflation by traders worldwide with the sharply higher dollar and gold markets said to be the result of a "flight to quality." Light scattered rain fell in parts of the soybean belt over the weekend with rains expected to move from west to east across the major growing areas tomorrow and Wednesday. This week's export inspections were 12.2 million bushels, up substantially from recent weeks. It is early in the marketing year, but inspections need to average 20.3 million bushels each week to reach the USDA export projection for the year. The USDA announced a sale of 185,000 tonnes of soybeans to an unknown destination this morning. Delivery is for the 2008/09 crop year. Taiwan is tendering tomorrow for 60,000 tonnes of US soybeans. The USDA will issue its harvest progress estimates this afternoon with traders expecting progress to reach as high as 25%. Basis levels at the Gulf were steady to start the day against a backdrop of falling futures prices and a rapidly rising barge freight market. Basis levels were higher along the river and in eastern Indiana, but mostly steady elsewhere in the interior.