November soybeans were down 8 cents late in the overnight session. China futures are closed this week. Palm oil futures in Malaysia were down 1.3%. While equity markets in Asia were generally higher during overnight trading, stock indices in Europe were moderately lower this morning. Early indications are that US equity markets will open with moderate losses today. The US Dollar is close to unchanged levels against most of the major currencies this morning, although it is posting a loss agains the Pound. The Bank of Japan left Japanese benchmark interest rates unchanged at today's monetary policy meeting. A major credit ratings agency downgraded 12 UK and 9 Portuguese financial institutions, due in large part to the Euro zone debt crisis. A Senate vote on the Chinese Currency bill is expected to be delayed until next Tuesday. UK PPI during September was up 6.3% year-on-year, higher than market expectations. Major US economic numbers to be released this morning will include September Non Farm Payrolls, September Private Payroll and September Unemployment at 7:30 AM, and August Wholesale Inventories at 9:00 AM. The market will also see a consumer credit report later in the trading session. The market saw a poor close yesterday and continued to push lower overnight with the market close to Tuesday's lows late in the overnight session. While there has been talk of lower moisture and protein content for new crop soybeans, most traders see a jump in yield for next weeks report. This has helped hold the market in a downtrend recently and has also sparked selling from fund traders that is thought to be long liquidation. November soybeans closed slightly lower on the session yesterday but down approximately 20 cents from the session highs. Energy, metal and stock markets were strong into the close, but many agricultural markets were choppy to lower for much of the session, and grains were no exception. After some volatile trade early in the day led by volatile trade in financial markets, futures settled down some into the mid-session to trade slightly higher on the day. On top of the weekly sales report, private exporters reported a daily sale of 115,000 tonnes of US soybeans to China for the 2011/12 season. Weekly export sales for soybeans, released before the open yesterday, came in at 741,800, which was near the high end of trade expectations. Sales of 441,000 metric tonnes are needed each week to reach the USDA forecast. Meal sales came in showing cancellations of 5,000 metric tonnes for the current marketing year and sales of 285,500 for the next marketing year for a net of 280,500 across both years, which was well above trade expectations. Sales of 116,000 metric tonnes are needed each week to reach the USDA forecast. Soyean oil came in showing cancellations of 100 metric tonnes for the current marketing year and net sales of 200 for the next marketing year for a total of 100, which was well below trade expectations. Sales of 15,000 metric tonnes are needed each week to reach the USDA forecast. The market is finding some support from financial market strength, but traders remain nervous, with talk of a higher production estimate for next week's USDA production report, nearly ideal weather for active harvest in the US, and talk of better moisture for soils in South America. Some talk of low moisture levels for the US harvest, which could knock down yield in effected areas, helped to provide some underlying support. In their first production estimate of the year, Brazil officials pegged the 2011/12 soybean crop at 72.18 to 72.29 million tonnes, compared with last years record high of 75.3 million tonnes. Indian oilmeal exports for September reached 394,000 tonnesn and this pushed exports for past six months to 2.03 million tonnes from 1.38 million last year.