November soybeans opened 9 1/2 cents lower on the day at 1084 1/2 and established an early range of 1043 1/2 to 1087. The market opened lower this morning after trading marginally lower overnight. Local, commission house and some fund selling hit the soybean market after the open today with traders blaming the selling on a larger than expected Quarterly Stocks number for soybeans. The USDA pegged soybean stocks as of September 1st at 205 million bushels, which was well above the recent USDA forecast of 140 million bushels (ending stocks in the supply/demand report) and much higher than the trade estimates near 145 million. The USDA revised their 2007 crop production forecast to 2.676 billion bushels, which was 91 million bushels above the previous estimate. This sparked the higher than expected stocks number. If this is counted as the beginning stocks number for the 2008/09 season and all other factors left unchanged, ending stocks as of September 1st, 2009 would be adjusted up to 200 million bushels from the 135 million bushels posted on last month's S&D Report. Some forecasts call for scattered and light nighttime frosts later this week in the Midwest, but this is not expected to result in measurable damage. The 6-10 day forecast calls for increased moisture in the western soybean belt, but dry conditions in the east. This is not expected to substantially slow the harvest.