November soybeans were trading 12 3/4 cents higher near 7:00 am cst while Malaysia palm oil futures ended higher on the day. August soybean oil is 46 cents higher while August soybean meal is nearly 3 dollars higher. Hong Kong stocks managed to end the quarter on an up note overnight, while the Shanghai market managed to break an extended losing streak with a gain last night. European stocks were also positive this morning and in the process some measures reached up to the highest levels in over a week. Clearly seeing a surprise move to reduce borrowing costs for Italy and Spain provided the enthusiasm to lift share prices this morning. The Euro rose on the news which sent the U.S. Dollar swiftly lower, rebounding commodity markets. The US scheduled report slate today will bring forth personal income and spending, Chicago PMI and a University of Michigan sentiment reading. Expectations for most of the reports today call for weak data, but it would seem like the weakest report reading is expected to come from the consumer sentiment report. For the Quarterly Grain Stocks and Seeding report, traders will focus on soybean planted area. The trade sees acreage up 1.6 million to near 75.5 million acres. The market will likely turn lower on a number over 76.0 million acres and higher on a number under 75.0 million acres. Traders are also looking for June 1st soybean stocks in storage to be about 15 million bushels higher than last year's 619 million bushels. Weather maps continue to show rainfall in the 1 to 5 day forecast for Iowa, northern Illinois, northern Indiana, and Ohio. Changes vs. the yesterday's maps include showers reaching farther south with heavier rainfall to the north. Storm systems are stretching across the western third of Kansas to the eastern half of Nebraska this morning. Following the report, traders are likely to believe that the soybean acreage estimate from the USDA may be too high as many parts of the Midwest will not be able to double crop soybeans over harvested wheat due to topsoil dryness. With the most crucial period for plant growth still 30-60 days out, there is still time to recover some of the potential yield loss in soybeans. Crop conditions ratings are likely heading sharply lower for states like Illinois, Indiana, and areas of the north Delta, however near normal rainfall in July would provide significant relief to fringe states. The trade will likely shift their focus back to the weather forecast and optimism over the long term demand outlook and tight U.S. balance sheet shortly after the release of this morning's report.