March soybeans were up 7 3/4 cents late in the overnight session. Palm oil futures in Malaysia were up 2.5% overnight to a new 3-week high, as flooding concerns in Malaysia persisted. China soybean futures are closed for holiday. Outside market forces look mixed with choppy to higher trade in the US dollar, weak metal markets and steady energy. The rally overnight pushed March soybeans to a new high, led by continued concerns for tightening vegetable oil supply, uncertainty over shipments out of Argentina and a continued tight ending stocks outlook in the US. Flooding remains an issue in Malaysia, as transportation has been an issue. Traders are also concerned that the flooding will increase chances of lower palm oil yields and lower than expected production. Argentina's government ordered unions to call off the week long strike that has halted activity at grain ports and at key crushing facilities. The government wants to hold talks to resolve the pay dispute which has already halted loading of at least 45 ships. March soybeans broke out to the upside of the recent trading range yesterday to close sharply higher on the session and move into new contract highs. The continued decline in the US dollar during the session and bullish action in equity markets seemed to provide additional support for the late gains. March soybeans closed 73 3/4 cents up from last week's lows. In addtion to the strike at Argentina ports and crushing plants, severe winter weather in the Midwest which might boost feed demand and another sharp break in the US dollar with a move to the lowest level since November 8th also lent support. News of increased export business for the old crop soybeans and oil was also considered a supportive factor. The USDA announced export sales of 110,000 tonnes of soybeans to unknown destination for the 2010/11 season and sales of 20,000 tonnes of soybean oil to China for the 2010/11 season. Cumulative export sales for soybean oil as of last week's update have reached 85.3% of the USDA forecast for the entire marketing year, compared with the 5-year average of 37.8%. Only 4,900 tonnes per week are needed to reach the USDA forecast for the year. December soybean oil pushed to a new contract high and is up as much as 6.6% in just 6 trading sessions. November soybeans pushed to a new high for the move. March meal saw solid gains on ideas that livestock will need extra feed to get through some harsh weather conditions. Argentina could receive a little more rain on Thursday and then dry out into early next week with cooler temperatures. Recent rains are seen as beneficial to the crop.