March soybeans were trading 10 1/2 cents higher late in the overnight session. China futures are closed this week but Malaysia palm oil futures closed down 1.2%. Asian equity markets were generally weaker this morning. Apparently European equity markets were still garnering some lift from the US Fed Statements yesterday. The markets saw Italian bond yields fall slightly overnight, but that was only of marginal benefit to the Euro and the metals markets this morning. The markets also saw a minimal improvement in another German business sentiment reading, as that news seemed to add into the mostly positive vibe that was generated by the FOMC meeting! The markets will also see an extremely active flow of US scheduled data this morning, with claims kicking off the report flow and expectations calling for a noted jump up in those readings. Also due out today from the US are durable goods, Chicago Fed national Activity Index, new home sales, leading indicators, and a KC Fed January manufacturing report. The lower trade for the US dollar plus strength in metal and energy markets leaves a positive tone from outside forces for grain markets today. The market remains in a steady uptrend channel off of the January 12th lows. While there is no rain for South America for the next 4-5 days, there appears to be good rains in the forecast for next week and into next weekend. With recent good rains, many traders see crop conditions stabilizing with some areas improving. Support from the strength in the other grains plus a much more positive tone for commodity markets in general has helped to spark the improved buying. Indonesia is the world's largest vegetable oil producer and palm oil production in the first quarter is expected to be up 8% from last year. March soybeans closed lower on the session yesterday in fairly quiet trade with a lack of market-moving news keeping trade choppy. The market pushed higher on the day shortly after the Fed Reserve announcement which drove the US dollar lower and gold and other commodity markets higher. However, the buying fizzled out and the market pushed back lower on the day into the close. Ideas that the recent rains in Argentina and Brazil could boost crop conditions plus speculative long liquidation selling helped to pressure the market early in the day. A bounce in wheat and corn helped to provide some support. Support from Tuesday's lows held and the market experienced an inside trading day. The weekly broiler report showed that producer eggs-set came in down 5.2% from last year and this suggests continued sluggish demand for meal from the poultry sector.