March soybeans were down 8 cents late in the overnight session. Palm oil futures in Malaysia were closed today, and China soybean futures were down 0.7%. Outside market forces look a bit negative for commodity markets today with concerns that China may continue tightening measures. Ideas that the soybean market is overbought, weakness in corn, and concerns over possible tightening measures from China are all seen as negative factors for soybeans and for commodity markets in general today. The Chinese CPI during December was up 4.6% year-on-year, higher than forecasts. Chinese Retail Sales during December were up 19.1% year-on-year, also higher than expectations, and Chinese GDP during the fourth quarter was up 9.8% year-on-year, which was also higher than expected. Traders are also concerned that China will sell more commodities from their reserves in an attempt to fight inflation. Ideas that crush margins in China are weak and that crushers there are having difficulty with edible oil price caps have added to the negative tone. Traders see the short-term weather in Argentina as a possible negative force, as rains over the weekend and again yesterday have helped relieve stressful conditions for the crop. While there may be 4-5 days of hot and dry weather ahead, more rains and cooler temperatures are forcast for next week ought to be beneficial to the crop. March soybeans closed slightly lower on the session yesterday but down more than 20 cents off the high. New crop November soybeans closed 10 cents higher on the session and near the middle of the daily range. Talk that China will announce a large purchase of US soybeans when the trade delegation from China visits Chicago today helped to support the market early. Traders see additional purchases by China coming for the new crop season. A sharp break in the US dollar and strength in wheat also helped support the market, but a turn to sharply lower on the day in corn helped drag soybean values lower. Cash basis levels were mostly steady due to light producer selling, despite the recent run higher. Argentina producers are protesting high taxes on grain exports, and cash movement at main grain terminals was said to be at a standstill.