November soybeans opened 2 3/4 cents lower on the day at 1400 1/4 and established an early range of 1382 1/4 to 1412. The lower open followed earlier calls for a higher open in line with the overnight action. Traders credit the unexpected weakness to a sharp drop in crude oil prior to the opening along with a rally in the dollar. Soybeans and meal recovered from the opening lows in early trade but retreated to lower levels going into mid session. Oil remained under pressure throughout the early session and was losing to meal going into mid day. Traders are reporting that China has bought 1 million tonnes of soybeans and 400,000 tonnes of soy oil in advance of the Olympic Games. This has not been confirmed but many traders believe this is for a reserve to fight inflation. Crop weather is very favorable in the US Midwest along with forecasts going into the weekend. The Delta is another story with dryness and a long range forecast calling for stressful heat into early August in the delta. Some rain is expected in the northern Delta and Mississippi later this week. Oilseed areas in India continue to be dry which is stressing crops there. Some private forecasters are now raising projections of Indian oil imports as a result of possible reductions in oilseed production. Cash markets are said to be steady for soybeans amid continued light selling by farmers.