November soybeans opened 18 1/4 cents lower on the day at 1364 and established an early range of 1362 1/2 to 1392 1/4. Soybeans opened lower in line with lower overnight trade. Traders said that lower crude oil and a higher dollar overnight contributed to the break, as did a sharp 7% drop in Malaysian palm oil. Soybeans firmed into early mid session while remaining lower and meal gained on oil. Weather in the Midwest is cool and dry in the north and warmer to the south. Rains are expected starting tomorrow and into Friday with perhaps 2/3rds coverage in the Midwest. The Delta is expected to remain hot and dry for the next week or longer, however, further stressing the soybean crop there. Conditions in Louisiana already lag other major growing areas with 16% of the soybean crop there rated at poor-to-very-poor and only 46% rated good-to-excellent. This compares to national figures of 11% and 61% respectively. The USDA announced a sale of 120,000 tonnes of soybeans for 2008/09 to unknown destinations this morning. Basis levels in the Midwest were mostly steady to firm this morning with western Iowa reported as somewhat higher. Basis levels at the Gulf are mostly steady, but traders there indicate that export demand remains light due in part to continued high ocean freight rates and readily available supplies from Argentina. The Mississippi River is closed temporarily near New Orleans due to a collision between two vessels.