The fetus is obviously not an individual but it does have the potential to be an individual. The potential of life is fully realized at the moment of conception, thus though the body has yet to develop, abortion is at least guilty of destroying the potential existence of a human being and personally I value that potential no less than my own potential existence in the future. Of couse, abortion is a more complicated issue since there are cases when the mother's life is also at stake or when it involves a rape.
As for whether the embryo has a soul, I don't have an opinion since I don't even have enough understanding of the soul to say that I believe in its existence.