January soybeans were up 9 1/4 cents late in the overnight session. Palm oil futures in Malaysia were up 1.9% to near a 5-month high, as tighter than expected stocks data and strong exports have helped to support. While equity markets in Asia were generally higher during overnight trading, stock indices in Europe are mixed this morning. Early indications are that US equity markets will open lower. The US Dollar is moderately higher against most major currencies, although posting a loss versus the Yen. Italian Prime Minister Berlusconi resigned after the approval of new austerity measures, with the new government to be headed by Mario Monti. An official agency has projected Chinese inflation to fall below the 5% annual rate by the end of this year. Japanese GDP during the third quarter was up 1.5%, in line with market forecasts. Euro zone Industrial Production during September was down -2.0%, slightly better than expectations. There are no major US economic numbers to be released this morning. November soybean deliveries totaled 42 pushing the total for the month to 3,490. Continued talk of interest from China in booking soybeans has helped to support the bounce off of the lows Wednesday, but talk of a good start to the crops in South America and sluggish crush margins in China are seen as limiting factors on a recovery bounce. Ideas that the market is oversold after the sharp break into Wednesday last week has helped to provide some support as well. January soybeans closed 8 cents higher on the session Friday but down 45 1/2 cents for the week. While other grains were under pressure on Friday, soybeans found support from rumors of buying from China. Outside market forces were also very strong, which helped to provide support with a surge higher in global equity markets, higher trade for energy and metal markets and a sharp drop in the US dollar. Outside forces look a bit negative for today. December meal followed the corn market lower to push the market to the lowest level since December of 2010. Argentina 2011/12 soybean production is expected near 49.5 million tonnes by the Rosario Grain Exchange, which is down from 50.3 million last year. Traders see the monthly NOPA crush report for this morning showing October soybeans crushed near 142 million bushels. Grain trading firm executives see China import demand for the coming season increasing to the 58 to as high as 61 million tonne level depending on restocking efforts. The USDA has pegged China import demand at 56.5 million tonnes from 52.34 million last year. The extremely slow start to US exports, improving weather in South America and the outlook for a larger crop in the US next year are all seen as negative forces over the near-term. Traders will continue to monitor the economic situation in Europe and China economic growth.