November soybeans were up 12 cents late in the overnight session. Malaysian palm futures closed up 0.6% on the day, and China soybean futures closed up 0.7%. While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally stronger this morning. Early indications are that US equity markets will open with moderate gains. The US Dollar is currently weaker against most of the major currencies this morning, although posting a gain versus the Yen. Rebel forces are gaining control of the Libyan capital of Tripoli. The only major US economic number to be released this morning is the Chicago Fed's National Activity index. Higher trade in gold and other commodity markets looks supportive. Weekend rain events for eastern Iowa and central Illinois was a disappointment, but it did relieve stress on some fields. There was 1/4 to 1/2 inch for about 40% of the region. There is more rain in the forecast for Tuesday/Wednesday this week, and crops in some areas need rain badly to avoid further stress. Traders are looking for this afternoon's weekly crop update to show a decline of 1% in crops good to excellent, with a few looking for a 2% decline. Outside market forces are positive this morning, and traders will be monitoring major crop tour this week for any clues on yield. The Commitments of Traders reports as of August 16th for soybeans showed non-commercial traders were net long 79,255 contracts, an increase of 19,484 in just one week. The buying trend from funds is seen as a short-term positive force. Non-commercial and nonreportable traders combined held a net long position of 56,676 contracts, up 24,303. For soybean meal, non-commercial traders were net long 17,355 contracts, a decrease of 6,254. The selling is seen as a negative trend. For soybean oil, non-commercial traders were net short 1,805 contracts, a decrease of 1,667. Non-commercial and nonreportable traders combined held a net short position of 3,461 contracts, down 4,048. The short-covering trend is seen as a short-term positive force for oil. Commodity Index traders held a net long position of 76,162 contracts. November soybeans closed 7 1/2 cents higher on the session Friday and saw their highest close since August 3rd. The market closed 33 3/4 cents higher for the week. December Oil closed about 130 higher for the week and December meal about $8.60 higher. The market saw active buying from fund traders and speculators early in the session, as a shift from sharply lower to higher in the stock market and a turn down in the US dollar lent support. Concerns with the dry spots in the central Midwest continue. Traders are concerned that the rain is coming too little and too late to see a non-stressful pod-setting period. Less selling due to the quieter financial markets was seen as a positive force. The early strength pushed November soybeans to the highest level since August 3rd. The upside may have been limited by news of China auctioning off nearly 4 million tonnes of soybeans, which could help limit the country's import needs. China imported 259,364 tonnes of soybean oil in July, up 72%. July soybean imports came in as expected at 5.35 million tonnes, up 8%.