November soybeans opened 34 cents lower on the day at 1201 and established an early range of 1168 1/2 to 1212 3/4. Soybeans, meal and oil all opened sharply lower and this attracted fund selling in all three markets. Traders said that the drop in crude oil and a higher dollar overnight started the slide, with crude oil putting in new lows just prior to the open in soybeans. Weekly export sales were released before the open today, a day late due to the Labor Day holiday. Net soybean sales for the crop year that ended on August 31st were 44,200 tonnes. Soybean sales for the current marketing year were 236,300 tonnes for a total of 280,500. Cumulative soybean sales for 2008/2009 stand at 27.9% of the USDA forecast versus a 5 year average of 22.5%. Germany and China were the week's biggest buyers in soybeans. The USDA also announced a daily sale of 110,000 tonnes of US soybeans to South Korea. Meal sales came in at 101,000 tonnes for the current marketing year and 46,700 tonnes for the year that begins on October 1st for a total of 147,700. Cumulative meal sales for 2007/2008 stand at 88.9% of the USDA forecast versus a 5 year average of 91.3%. Sales need to average 216,000 tonnes each week to reach the USDA forecast. Mexico and the Philippines were the biggest buyers in meal. Oil sales came in at 7,900 tonnes for the current year and none for year starting October 1st. Venezuela was the biggest buyer in oil. Basis levels at the Gulf are said to be steady this morning as elevators there start to load grain for export for the first time since Hurricane Gustav landed.