March soybeans were up 8 3/4 cents late in the overnight session. Palm oil futures in Malaysia inched lower after first posting a new 3-year high in early trade. Outside market forces look mixed to positive as a firm US dollar is offset by higher equity and energy markets. While traders saw the improved South American weather and news that the port workers strike in Argentina has been put on hold as negative influences last week, the market managed to close 35 1/2 cents higher on the week. November soybeans gained 46 cents, as traders saw the need for higher prices to help spur increased planted area in the US this spring for soybeans. Flooding in Malaysia has been subsiding, but the palm oil market still managed a new 3-year high this morning. March soybeans closed 2 cents lower on the session Friday, and March soybean oil recovered from losses early in the day to close higher on the session. March meal closed lower for the third day in a row. The surge higher in the corn market helped support the market off of the lows, which helped soybeans recover nearly 11 cents off of the lows into the close. New crop November soybeans managed to close higher on the session and up more than 16 cents off of the lows, with more aggressive fund buying noted into the close. Ideas that crops in Brazil and Argentina are doing better plus talk of the overbought technical condition of the market helped spark long liquidation selling early. While traders see good demand for export for soybean oil, news that the Argentina strike is over for now plus poor domestic demand from December pushing up Census soybean oil stocks added to the negative tone. Cash basis levels were higher after a week of slow producer movement left end users bidding up prices in an attempt to spark some increased country movement. Gulf basis jumped to 70 cents over, to the highest level since December, as export demand remained strong. Stats Canada pegged canola stocks at the start of the year at 8.242 million tonnes, down 9.9% from last year and about as expected. The Commitments of Traders reports as of February 1st for soybeans showed non-commercial traders were net long 184,744 contracts, an increase of 13,805 contracts in just one week. The aggressive buying from fund traders is seen as a short-term positive force, but there are some concerns of an overbought condition with the net long getting close to the November record of 195,482 contracts. Commodity index traders held a net long position of 185,460 contracts, up 7,599 contracts for the week. For meal, non-commercial traders were net long 49,233 contracts, an increase of 9,609 contracts for the week. Non-commercial and nonreportable traders combined held a net long position of 76,369 contracts, up a hefty 12,280 contracts for the week. For soybean oil, non-commercial traders were net long 78,845 contracts, an increase of 26,724 contracts for the week. The record high net long was in October at 87,489 contracts. The aggressive buying trend from the fund traders is seen as a positive short-term force.