March soybeans opened 6 1/4 cents higher on the session at 1418 1/4 and established an early range of 1417 1/4 to 1427 3/4. A potential slowdown in the China economy due to an interest rate hike was seen as a negative factor, especially for markets like soybeans where China is the major importer on the world market. Talk of the overbought condition of the market, talk of higher/record Brazil production for the upcoming harvest and talk of the hefty net long position of fund traders were all factors which led to the long liquidation selling following the China news. Traders see higher exports as a reason to suspect lower ending stocks in the supply/demand update for tomorrow morning with many traders looking for a decline of 5-10 million bushels from 140 million posted last month. Gulf basis levels were steady to higher this morning with slow river movement and firm export tone helping to support.