November soybeans were up 7 1/4 cents late in the overnight session. China futures were up 0.8% overnight, and palm oil was up 1.9% overnight in Malaysia. There were 626 deliveries against the September soybean contract this morning. Oil deliveries were 620 contracts, and meal deliveries came in at 101. Deteriorating crop conditions and concerns for tighter supply longer-term have helped support the solid uptrend. The quick sell-off from last week's highs came from talk of the overbought condition plus demand concerns, as China is still buying from South America and import demand from China has slowed. China's Ministry of Commerce believes that August soybean imports were near 3.85 million tonnes, down 28% from July and down from 4.77 million tonnes last year. They also see September imports down to 3.2 million tonnes. The weekly Crop Progress report showed that 56% of the US soybean crop was rated good/excellent as of Sunday, compared to 57% last week and 64% last year. Kentucky and Tennessee showed the biggest drop, while Iowa, Minnesota and Ohio were all down 2% for the week. With only 16% of the Iowa crop turning yellow, the improved moisture from heavier than expected rains over the holiday weekend might result in improving crop conditions this week. The same may be said for the other states as well. Stats Canada will release its July 31st stocks estimates this morning, with traders looking for canola stocks of about 1 million tonnes versus 2.12 million last year. Ideas that last week's rains in Iowa, northern Illinois and especially Ohio may have helped crop conditions plus bearish outside market forces helped to pressure the soybean market yesterday. A bearish tone to outside market factors and talk of better than expected rains across parts of the northern and southern Corn Belt on the weekend helped to pressure the market early. The sharp rally in the US dollar, weakness in energy and equity markets and a risk aversion tone from fund traders helped to pressure the market early and push soybeans to a 6-session low. Weekly export inspections, released during the session yesterday, came in at 9.13 million bushels, which was near the low end of trade expectations. November soybeans are already down as much as 51 1/2 cents off of last week's contract highs. A prominent research firm pegged soybean yield at 41.5 bu/acre and production at 3.139 billion bushels. In the August USDA supply/demand report, production was pegged at 3.065 billion bushels with a 41.4 yield. The new estimates were much higher than market expectations and added to the bearish tone yesterday.