November soybeans were down 13 3/4 cents late in the overnight session. Palm oil futures in Malaysia were down as much as 1.5% to a one year low. China futures are closed this week. Equity markets in Asia and Europe were weaker during overnight trading. Early indications are that US equity markets will open with moderate losses. The US Dollar was stronger against most of the major currencies. Euro zone Finance Ministers will delay an aid payment to Greece until November, and they are reviewing their current debt swap agreement for banks to take larger losses on Greek sovereign debt. Euro zone PPI during August was up 5.9% year-on-year, slightly higher than market expectations. Australia's trade surplus during August was 3.1 billion Australian Dollars, much above estimates and the second largest on record. Major US economic numbers to be released this morning include August Factory Orders at 9:00 AM, and private survey of store sales released during the session. In addition, Fed Chairman Bernanke will speak in front of a joint Congressional committee today. Energy markets are weaker, which adds to the negative tone. On top of the massive speculative long liquidation selling and index fund selling noted in recent days, the excellent late season weather has traders looking for active harvest this week and a higher yield for the October 12th Crop Production report. The stocks report last week trimmed close to 10 million bushels off of the supply outlook, but a revision higher in yield could have a much more serious impact on the supply outlook. A one bushel/acre adjustment higher in yield would add nearly 74 million bushels to the supply outlook. In addition, traders see a weaker global economy as a reason to expect sluggish global commodity demand into 2012. November soybeans closed slightly lower on the session yesterday but well up from the day's lows. The market pushed sharply lower early in the day, led by continued macroeconomic concerns, but while the Dow had fallen nearly 200 points on the day into the soybean close, the soybean market managed to hold onto part of a recovery bounce off of the Sunday night lows. Traders see active nearly ideal weather for harvest this week adding to selling pressuresin soybeans. The weekly Crop Progess report showed that 19% of the US soybean crop was harvested as of Sunday, compared to 5% last week and 34% last year. The 10 year average for this time of year is 27%. Indiana and Ohio are behind. The report also showed that 54% of the crop was rated good/excellent compared to 53% last week and 64% last year. Minnesota showed a jump of 3% in rating. Ideas that China crush margins have turned favorable and that China buyers might get active after the recent sharp break lent support yesterday. Weekly export inspections, released during the session yeasterday, came in at 10.59 million bushels, which was about as expected. Weekly exports need to average 28.4 million bushels each week to reach the USDA projection for the marketing year. Brazil exported 2.8 million tonnes of soybeans in September, up from 2.0 million last year.