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Soybean futures are currently 7 to 12 cents lower this morning. USDA reported much larger net export sales last week than the trade expected, with old crop @ 226,700 MT, and the new crop total @ 2.451 MMT. The new crop price finally got cheap enough for China to step in and buy big (1.2835 MMT). Overall US 2014/15 export commitments for beans are ahead of year ago by 0.7 MMT. Old crop FOB basis was up sharply earlier in the week, reflecting a need to get some beans past the crush plants to the port. South American producer selling rose sharply on the rally yesterday.