January soybeans opened 8 cents lower on the day at 822 and established an early range of 816 1/2 to 826 1/2. The lower open came in line with the close in the overnight session. Traders said that specs were sellers early in the soybean complex in sympathy with a sharp break in wheat and a somewhat lesser break in corn. However, a lack of sellers along with a break in the dollar was said to have limited the losses. China bought 174,000 tonnes of US soybeans, confirming reports of China business yesterday. This sale does not appear on the weekly Export Sales Report. China also confirmed widespread expectations that they will buy an additional 1.5 million tonnes of soybeans for strategic reserves on top of the 1.5 million tonnes originally announced. This week's export sales were below expectations in soybeans and oil, but above expectations in meal. Net sales for soybeans came in at 359,800 tonnes for the current marketing year and 4,700 for next year for a total of 364,500. China accounted for 83% of 2008/09 sales. As of November 27, cumulative soybean sales stood at 63.2% of the USDA forecast for 2008/2009 versus a 5 year average of 58.6%. Sales need to average 257,000 tonnes each week to reach the USDA forecast. Net meal sales were 106,000 tonnes for the current marketing year and 2,000 for the next marketing year for a total of 108,000. Cumulative soybean meal sales stood at 36.3% of the USDA forecast for 2008/2009 versus a 5 year average of 42.2%. Sales need to average 113,000 tonnes each week to reach the USDA forecast. Net oil sales were 2,700 tonnes for the current marketing year and none for the next marketing year for a total of 2,700. Cumulative soybean oil sales stand at 19.9% of the USDA forecast for 2008/2009 versus a 5 year average of 34.7%. Sales need to average 19,000 tonnes each week to reach the USDA forecast. The Census Bureau released October soy oil stocks today at 2.404 billion pounds. Biodiesel makers used 263 million pounds of oil to make fuel (methyl ester). This was up from 236 million pounds in October, 2007. Statistics Canada released its latest estimate of 2008/09 canola production at a record large 12.64 million tonnes. This was well above trade expectations.