March soybeans were trading 5 cents lower late in the overnight session. China futures closed 0.6% higher overnight and Malaysia palm oil futures closed 0.3% higher. Equity markets in Asia were generally higher overnight, with Chinese shares finishing their year on a positive note. European stocks were also stronger to start today, but those markets were somewhat on hold, as they waited for news from Greek creditor negotiations. Also out overnight, was a noted contraction in German PPI readings, but that news might have been partially offset by a noted jump up in December UK retail sales figures. Also out overnight, were somewhat discouraging US tech sector earnings reports, as that news temporarily served to weaken global equity markets. The US Dollar has started out stronger against the euro and it was also up against most of the actively traded currencies. In looking ahead, the US markets will see an existing home sales report. Expectations for the US data calls for a generally positive reading and that could add to the macro economic optimism left in place after big declines yesterday morning in US initial and ongoing claims. Confirmation of China buying US soybeans and ideas that improving crush margins in China will support better demand ahead helped to support the market yesterday. Commercial traders will be monitoring the shipping progress for new crop Brazil soybeans over the near-term as the harvest was not as early as many buyers had hoped for. China's Ministry of Commerce revised up the January soybean import estimate to 5.29 million tonnes from 4.57 million due to improving crush margins. March soybeans closed just off the highs yesterday. Mid-day weather models lacked much in the way of changes which would excite the bulls or the bears. Argentina still looks to receive fairly hefty rains for near 80% of the growing areas into the weekend and then dry out next week but the extended models still show more rain. Talk of renewed buying from China and ideas that southern Brazil might be a little drier than previously believed in the next few weeks helped to support the higher trade early. A more positive outlook for the US and global economy and talk that the IMF is in the process of helping to battle debt issues in Europe added to the positive tone. Meal pushed higher for the third session in a row. Poultry prices pushed to a new record high this week and this helped to support ideas that the industry will be expanding ahead. The current USDA estimate for first quarter poultry production is down 5.3% from last year but production for the year is expected to be down 2%. In the weekly eggs set data, however, egg sets for the week ending January 14th was down 6.18% from last year. Talk that China bought 10-12 cargoes of US soybeans helped push the market to a 4-session high. The USDA confirmed the sale of 120,000 tonnes of US soybeans to China for the 2012/13 season. Argentina officials pegged 2011/12 planted area for soybeans at 18.8 million hectares (46.5 million acres) which was down from their previous estimate of 19 million.