January soybeans opened 2 cents lower on the day at 970 and established an early range of 960 to 972. Soybeans eased late in the overnight session and then moved moderately lower into the day session. This took the January soybean contract below yesterday's lows amid light fund selling. Meal gained on oil in the early going. Traders said that a sharp break in crude oil and the very rapid pace of the US soybean harvest are negative price factors that are outweighing potential support from buying by China and a slightly lower dollar. China has reemerged in the soybean market this morning after a long absence in terms of announced sales. The USDA reports that they have bought 356,000 tonnes of US soybeans for delivery during 2009/10. There was some talk late yesterday that China was in the market, but the rumored amounts were only about 1/3rd the size of today's actual sale. Crop weather continues to be favorable in Argentina, Brazil and Paraguay with conditions expected to remain favorable for at least the next several days. The USDA will issue its November Crop Report on Tuesday, and traders are looking for a fractional increase in the soybean yield and an increase in production of about 10-15 million bushels. In October, the USDA estimated soybean production at 3.250 billion bushels and an average yield of 42.4 bushels per acre. Ending stocks for 2009/10 are expected to come in near 235 million bushels versus 230 million on the USDA's October report.