January soybeans opened 9 cents higher on the day at 855 and established an early range of 836 to 857 1/4. The higher open continued the firming trend seen in the overnight session. Traders said this came on improved sentiment as financial markets recovered from yesterday's steep losses. However, local and small fund selling on the open pushed prices lower into mid session. Meal and oil also moved lower into mid session. Traders said that a lack of fresh demand has raised concerns over possible longer term supply issues as improved weather in Argentina raises crop prospects there. Concern is also growing over stocks held in farmers' hands in Argentina. Sources there indicate that these stocks may be much larger than usual. Egypt bought 10,000 tonnes of sun oil according to trade sources. This was in line with expectations. Basis levels at the Gulf are steady this morning with traders reporting a strong tone based on expectations of demand from China. Water levels on the Upper Mississippi and on the Illinois River are expected to drop which would result in reduced barge cargoes. Farmer selling in the interior is still said to be light.