July soybeans were trading 11 cents lower late in the overnight session. China futures were down 0.6% overnight. Palm oil futures in Malaysia closed up 0.1% after early weakness failed to attract new selling. Asian equity markets were weaker off the French and Greek election results, with the Hong Kong market forging one of the steepest losses of 2012. The Nikkei was also sharply lower to start the new trading week as investors there worried about further slowing in the US and Euro zone. European equity markets were also weaker to start today, as the trade fears another change in the dynamic of an already fragile Euro zone leadership. Early action in the US equity markets was also sharply lower, with most of the losses seen shortly after the election results in France were known on Sunday. There were 13 deliveries against May soybeans this morning bringing the total this month to 2,154. Oil deliveries this morning were 947 contracts. There were no meal deliveries and still none for the month. Outside market forces are bearish this morning and traders remain worried that the buying spree from China could slow and that a selling spree could emerge from fund traders who have built a record high net long position in soybeans. Traders see the weekly crop progress report showing soybeans near 22-24% planted as compared with 12% last week. Traders see a significant jump in planted acreage above the March producer intentions report and private forecasts for a jump of near 1.9 million acres added to the negative tone on Friday. July soybeans closed 4 3/4 cents higher on the session Friday but closed 15 1/4 cents lower for the week. The lower close on the week after posting a contract high is seen as a negative technical development by some traders. The market saw some choppy trade early but a continued long liquidation selling trend emerged to push the market moderately lower on the day. Traders view the weather outlook as a negative force with 1-3 inches of rain this past week for a wide portion of the Midwest which is helping to alleviate any dry spots ahead of the key growing season. The outlook this week could bring some scattered rains but nothing heavy or widespread and the Midwest looks mostly dry over the next two weeks which might be near ideal after recent hefty rain totals. July soybeans are already down as much as 54 1/2 cents from Wednesday's peak. Weakness in palm oil helped to push soybean oil sharply lower with December oil pulling back to the lowest level since March 8th. Traders see canola stocks near a 4-year low for the Stats Canada stocks report for today. Private exporters reported the sale of 120,000 tonnes of US soybeans to unknown destination for the 2012/13 season. The Commitments of Traders reports as of May 1st showed Non-Commercial traders were net long a record high 259,763 contracts, an increase of 11,831 contracts for the week. This is 5 of the past six weeks of new records. Non-Commercial and Nonreportable combined traders held a record high net long position of 220,823 contracts, up 14,065 for the week. Commodity Index traders held a net long position of 154,652 contracts, up 4,101. For Soybean Meal, Non-Commercial traders were net long 100,486 contracts, a decrease of 6,739 contracts for the week and the selling trend coming from a record high net long is seen as a negative force. Non-Commercial and Nonreportable combined traders were net long 122,748 contracts, down 5,843. For Soybean Oil, Non-Commercial traders were net long 30,282 contracts, a decrease of 18,694 contracts for the week and the selling trend is seen as a negative force. Commodity Index traders were net long 99,191 contracts, down 3,400. Traders see a sharp reduction in South America production on Thursday reports and the first look at the 2012/13 season. US ending stocks estimates are expected to be historically tight as the lower South American crops push demand to the US all the way out to early next year.