November soybeans opened 27 1/2 cents higher on the day at 1327 1/2 and established an early range of 1325 to 1370. Soybeans, meal and oil opened higher and moved sharply higher in early trade today along with the grains. Buying was moderate to heavy and traders said that it came from all directions. Traders said that the sharp drop in the dollar between the overnight session and today's opening in the grains contributed to commission house and fund buying into the grains and the soybean complex and there were simply no sellers to meet the sudden surge in demand. The fact that crude also rallied sharply added to the bullish outlook by speculators around the world according to floor traders. The USDA issued its latest Export Sales Report this morning and it showed totals that were either disappointing, or else simply end-of-the-crop-year account balancing. For soybeans, net sales came in at -81,100 tonnes for the current marketing year and 357,500 for next year for a total of 276,400. Net meal sales came in at 42,900 tonnes for the current marketing year and 10,200 for next year for a total of 53,100. Sales of 170,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 5,600 tonnes for the current marketing year and none for next year for a total of 5,600. Cumulative soybean oil sales for the 2007/2008 (current) marketing year have reached 79.5% of the USDA forecast versus a 5 year average of 75.1%. The soybean sales cancellations this week were by Japan, South Korea and China. Basis levels were steady at the Gulf this morning, but traders noted that the supply pipeline remains very tight.