January soybeans were trading 5 3/4 cents lower late in the overnight session. China futures closed up 0.1% overnight and Malaysian palm oil futures closed up 1.7% on weather concerns in Malaysia and South America. Equity markets in Asia were generally lower during overnight trading, while stocks in Europe showed more losers than winners. Early indications are that the US markets will open with small losses. The US Dollar was slightly weaker against most of the major currencies but was making some minor gains versus the Canadian and Aussie. In the overnight action the markets saw positive Japanese October Industrial output figures, and OPEC appears to have come to some agreement on production. The market also saw a Euro-era high yield in the 5-Year Italian debt that was auctioned off early this morning. In other developments the UK saw its November Jobless claimants increase by 5,000, with that total unemployment level reaching the highest level in 16 years. The third leg of the Treasury's refunding, the 30-year Note auction, will have results announced today at 12:00 PM. Major US economic data to be released this morning includes US Import/Export prices and a weekly mortgage application survey early in the trading session. Weakness in energy and metal markets keeps outside forces bearish. Meal deliveries this morning were 0 for a total of 788 for the month while oil deliveries were 134 to push cumulative for the month to 10,021 contracts. Sluggish export news plus bearish outside market forces have clashed with a dry weather forecast for Argentina and southern Brazil to hold the market in the recent trading range. The 11-15 day forecast models show rains for Argentina, and this is being watched closely as rain will be badly needed by this date if the weather stays dry for another 10 days. January soybeans closed moderately higher on the session yesterday but well off of the early highs. More of a risk avoidance tone for commodity markets helped to limit the advance yesterday, and the negative influence of the euro zone debt crisis helped to pressure the market at times overnight. A positive tilt to outside markets and increased concerns for the weather forecast for Argentina, which still looks too dry for the next week to ten days, helped support the early rally yesterday. Increased political tensions in Iran supported the energy markets and also helped support the soybean complex early. However, a strong rally in the US dollar, a sharp setback from the early strength in the stock market and a move from higher to lower in gold helped to push the market to lower on the day into the mid-session. Traders are looking for the NOPA crush report for November to come in near 142.5 million bushels, compared with October crush of 141.2 million and 148.8 million last year in November. A late slide in soybean oil helped pull the soybean market off of the highs, while meal closed near the highs.