November soybeans were down 13 1/2 cents late in the overnight session. China futures were down 0.3% overnight, and palm oil futures in Malaysia closed down 1.3%. Equity markets in Asia and Europe were generally stronger during overnight trading, but early indications are that US equity markets will open just slightly higher. The US Dollar pushed higher late in the overnight session to help pressure grains. Germany and France are expected to announce plans this week to raise the size of the Euro zone rescue fund up to 2 trillion Euros. The German Finance Minister stated that the haircut on Greek sovereign debt will need to be higher than the 21% under consideration during the summer. Major US economic numbers to be released this morning the NY Fed's Empire State manufacturing survey at 7:30 AM, and September Industrial Production and Capacity Utilization at 8:15 AM. While domestic and export demand for soybeans and products is coming in weaker than expected for the new season, the lack of selling from producers and news of China buying to restock reserves for soybeans and oil has had a strong influence on prices in recent days. During the 2010/11 season, China released 2.6 million tonnes of soybeans and 2.1 million tonnes of edible oils onto the market from state reserves. The National Grains and Oils Information Centre believes China will import near 56 million tonnes of soybeans for this season, up 7.1%. The USDA's estimate is 56.5 million tonnes, up 9% from the 2010/11 season. November soybeans closed 13 cents higher on the session Friday and closed up $1.11 3/4 for the week after closing higher for five sessions in a row. The NOPA crush report for September, released before the open on Friday, showed September crush at just 110.3 million bushels, which was well below trade expectations near 118 million. Soybean oil stocks came in at just 1.95 billion pounds, which was below the range of estimates for the report and well below expectations near 2.175 billion. Weekly export sales for soybeans, also released before Friday's open, came in at 672,400 metric tonne,s which was near the low end of expectations. Meal sales came in at 226,100 which was higher than expected. Sales of 108,000 metric tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 10,900 metric tonnes, which was in line with expectations. Open interest for soybeans was higher on the week, and fund traders in general seemed more interested in buying agricultural markets. The Commitments of Traders reports as of October 11th for soybeans showed non-commercial traders were net long 55,201 contracts, a decrease of 3,087 contracts for the week, and the selling trend is seen as a short-term negative force. Commodity index traders held a net long position of 142,335 contracts, up 6,585 contracts for the week and an offset to the hedge fund selling trend. For meal, non-commercial traders were net short 14,535 contracts, an increase of 7,748 contracts for the week. Non-commercial and nonreportable traders combined held a net short position of 9,742 contracts, up 5,168. The selling trend from speculators is seen as a short-term negative force. For soybean oil, non-commercial traders were net short 9,879 contracts, an increase of 2,478. Non-commercial and nonreportable traders combined held a net short position of 17,512 contracts, up 3,637 for the week, and the selling trend is seen as negative. Commodity index traders held a net long position of 73,642 contracts, up 4,582, which partially offset the selling trend of speculators. Traders see harvest near 70-75% complete vs. 51% last week, and weather looks favorable for harvest in the next few weeks after some slight delays in the Eastern Corn Belt this week.