March soybeans were up 11 3/4 cents late in the overnight session. China futures were up 0.3%. Malaysia palm oil futures were down 2.4% to a new 3-week low. Rumors that China may lower soybean import taxes to 1% from 3% and soybean oil import taxes to 5% from 9% helped drive US futures higher and helped pressure palm and soybean oil values in China overnight. Meanwhile, Argentine port workers reached a wage agreement with export companies overnight, thus avoiding a strike. While that helped relieve some anxiety, prices managed to post solid gains in the face of the agreement. Traders continue to adjust Brazil production forecasts higher. Argentina's weather looks good next week with cooler temps and a return of some moisture after the warm and dry period this week. Soybeans closed slightly lower on the session yesterday and experienced a significant recovery from the early lows with help from a turn higher in soybean oil. The improving crop outlook for Brazil and Argentina plus a continued long liquidation trend from speculators helped drive the market sharply lower early, with March soybeans down to the lowest level since January 11th. Open interest was down just over 2,000 contracts with the sharp break on Tuesday. Traders see weekly export sales, to be released before the opening, near 550,000 tonnes, down from 971,100 tonnes last week. There is a concern for the old crop sales total after recent cancellations of sales from China.