July soybeans were trading 8 cents lower near 7:30 cst. China futures closed down 0.7% while Palm oil futures fell 3.1%. Overnight weak Chinese data extended slowing fears and expectations of faltering growth also served to pressure Indian shares lower last night. Once again, weak Chinese manufacturing data was posted and more importantly that news didn't seem to foster easing talk in the Asian trade. Not surprisingly, European equity markets maintained the global slowing pattern with lower equity market action off weak Euro zone manufacturing data and an all time high in the Italian jobless rate. The US markets were also showing moderate early losses with some key measures falling down to the lowest levels since the May 21st spike lows. The US economic report slate today has the potentially critical US non Farm payroll report due out, with expectations for that report calling for a range of gains from just above 100,000 to as much as 160,000. The market will also be presented with Personal Income and Spending readings, a US ISM manufacturing reading and a US Construction Spending figure. With a near record net long position from fund traders posted in the last COT report, the market seems to be under long liquidation selling pressures. However, open interest remains high. The weather looks somewhat threatening for next week but the focus of attention is on the global economic slowdown with more poor economic news for Europe and China overnight helping to keep outside market forces bearish. While traders suspect tightening ending stocks for old crop and for new crop for the upcoming June supply/demand update, some rains this week and bearish outside forces remain as the focus for the market to help drive futures to the lowest level since March 6th. Heavy selling pressures from weak outside markets helped pressure the market early yesterday with weak economic news from the US and continued concerns for the European economy helping to spark a long liquidation trend. Even with a strong recovery from the lows in the stock market and a sell-off from the highs in the US dollar, funds were active sellers late in the day with July posing new lows late in the session. Rain amounts for several key producing areas seem to be below expectations and this increases concerns for crop conditions into mid-June as the Midwest turns warmer and drier again late next week. Scattered rains are expected to continue for Saturday through Wednesday with limited coverage and amounts each day. Cheaper values from South America this week and a lull in China demand helped to pressure the market as well. August meal pushed sharply lower on the session and down to the lowest level since March 30th and saw further weakness overnight. Traders see weekly export sales for release in the morning near 575,000 tonnes with meal near 125,000 and oil near 15,000.