March soybeans were down 3 3/4 cents late in the overnight session. Palm oil futures in Malaysia were up 0.6% overnight, and China soybean futures were also up 0.6%. There were 219 meal deliveries overnight and 132 for oil. There were also 170 January soybean deliveries, bringing the three-day total to 560. Outside market forces look positive today with a weak US dollar and strength in metals and other agricultural markets. The soybean market was hesitant to follow other agricultural markets higher overnight due to good weather in Argentina over the weekend and news of a few cancellations of US soybean cargoes to China. The cooler weather and rain for much of Argentina helped to relieve moisture stress. Traders believe the Cordoba region saw only very light coverage and has remained dry. Traders see warmer and drier weather ahead after some areas receive scattered rains tomorrow. The China National Grains and Oils Information Centre indicated overnight that China has cancelled two cargos of US soybeans for March/May shipment due to poor crush margins, but traders do not believe there will be many more cancellations due to tight supply of state reserves in China. China's commerce ministry has revised their estimate for January soybean imports higher to 4.55 million tonnes from earlier estimates of 3.35 million. China sold 87,178 tonnes of rapeseed oil (or 89% of the totaled offered) from state reserves overnight. According to media reports, China may sell around 500,000 tonnes of edible oils and about 1 million tonnes of soybeans to five different crushers at lower than market prices as a step to fight inflation. Argentina producers start their one-week protest over corn and wheat taxes and will block exports for the week. March soybeans closed 6 1/2 cents higher on the session on Friday and near the high end of a 24 1/2 cent range. This left the market up 57 1/2 cents higher for the week. News that China has tightened reserve requirements at banks for the 4th time in the past two months helped to pressure soybeans and many other commodity markets early. Talk that the market is overbought along with forecasts for Argentina rains added to the negative tone early in ther day. In addition, the NOPA monthly crush report showed December crushing of soybeans at 145.5 million bushels, which was about 3-4 million bushels below trade expectations, and this helped pressure the market. Pakistani officials believe that palm oil imports for that country may jump by 8% this year to around 2 million tonnes. The Commitments of Traders reports as of January 11th for soybeans showed non-commercial traders were net long 170,576 contracts, a decrease of 1,610 contracts for the week. Commodity index traders held a net long position of 187,741 contracts, which was down 8,405 contracts for the week. For meal, non-commercial traders were net long 42,572 contracts, a decrease of 986 contracts for the week. In oil, non-commercial traders were net long 62,684 contracts, a decrease of 4,062 for the week. The selling trend is seen as a short-term negative force. Commodity index traders held a net long position of 102,400 contracts of oil, down 5,924.