May soybeans were trading 6 3/4 cents higher late in the overnight session. China futures were down 0.5% overnight. Palm oil futures in Malaysia closed down 0.4% overnight. Equity markets in Asia were weaker to start, but the Hong Kong market eventually managed a minimal gain. European markets were a little higher to start today, as CDS rates in the region were coming down and debt auctions overnight failed to whip up anxiety again. However, European corporate earnings have generally continued to disappoint investors, especially when compared to year ago results. Early in the US trade today, share prices were modestly higher, with the markets apparently breathing a little easier in the wake of this morning's European debt news. However, the US economic report slate today is rather active, with the high points potentially coming from Consumer Confidence and Home sales figures. While the FOMC meeting officially begins today, the market doesn't expect any specific news from that front until early Wednesday afternoon. A weak US dollar and a more positive tilt on the global economy leaves outside market forces positive to start the session today. Continued strong cash markets in the US and a fear that a bulk of the smaller South America crop is already taken has helped to support. The weekly Soybean Planting report showed that 6% of the crop is planted compared to 2% last year. The 10 year average for this time of year is 2%. The previous high was 2% in 2011. Arkansas is 28% complete vs. 11% as the 5-year average. Taiwan is in the market for 40,000-60,000 tonnes of US or Brazil soybeans. Taiwan is tendering for a combo load of 23,000 tonnes of US corn and 12,000 tonnes of soybeans. May soybeans closed moderately lower on the session yesterday and gave back part of the strong gains from Friday. With a bearish set-up for commodities in general yesterday (higher US dollar, sharply lower trade in the stock market and weaker action for metal and energy markets) and ideas that part of the late rally Friday was option expiration inspired, the market saw some early selling. Exporters reported a sale of 165,000 tonnes of US soybeans to unknown destination for the 2011/12 time frame helped to provide some underlying support; especially for old crop contracts. Weekly export inspections came in at 12 million bushels which was sharply below trade expectations and compares with 11.3 million bushels necessary each week to reach the USDA projection.