January soybeans opened 1 cent lower on the day session at 905 1/2 and established an early range of 892 1/2 to 909 3/4. Selling by specs and funds hit the soybean market after the open taking soybeans moderately lower into early mid session. Meal and oil were both lower into mid session as well, but prices for all three markets recovered somewhat into mid session. Outside markets have been a mixed influence this morning according to traders with overnight selling in crude oil and stocks followed by recovery rallies in those markets this morning. Weather in South America may be the dominant factor this morning other than outside markets. Dryness in Argentina continues to cause delays in planting of soybeans and corn as well as stressing fields that are already planted. Soybean planting starts later than corn there as is the case in the US, but about 40% of the crop is in the ground according to local sources. Official projections call for a much smaller corn crop this year compared to last year, but increased soybean plantings. So far, the dry conditions are not expected to reduce soy plantings. Basis levels at the Gulf were higher yesterday after easing slightly last week. Levels were steady this morning as shippers fulfill earlier orders from China.