November soybeans were up 5 cents late in the overnight session. Malaysian palm futures closed up 1% on the day, and China soybean futures closed near unchanged. Outside market forces carry a positive tilt with a weaker US dollar and higher energy and equity markets. The US Dollar is weaker against most of the major currencies. The Swiss National Bank announced fresh liquidity measures to weaken their currency but did not initiate a "peg" to the Euro. China announced plans to allow foreign investors to use the Yuan to buy Chinese securities. UK Unemployment during July was 7.9%, higher than market expectations. Euro zone CPI during July was 2.5% year-on-year, in line with forecasts. Major US economic numbers to be released this morning include the July Producer Price Index at 7:30 AM and a private survey of mortgage applications released before the opening. In addition, Fed Regional President Fisher will give a speech during the session. Improving chances of decent rain totals for Iowa and even parts of western Illinois in the next 4-5 days helped to stabilize the market overnight, even with the positive tone to outside market forces. November soybeans closed slightly lower on the session yesterday, with some talk of better rain in the forecast for the central Midwest helping to pressure soybeans even with new highs for corn and wheat for the move. A preliminary release from NASS of the FSA 2011 acreage numbers had traders believing that the USDA may eventually reduce harvested acres for soybeans by anywhere from 100,000 to 500,000 acres, with some estimates as high as 1 million acres lost. The data was far from complete and traders attempted to fill in the holes to determine if the USDA may make some significant changes for the October production report. Producers are required to submit an annual report on all cropland use to local FSA offices by July 15th in order to be eligible for USDA programs. This data was released on the web to the public for the first time this year. In past years, the data was used by various agencies and sometimes used to adjust acreage for the October report for corn and soybeans and the small grains report for wheat. If harvested acres are revised lower due to flooding along the Missouri river or too much spring rain in the eastern Corn Belt, this could tighten the supply outlook. If high end estimates are right, this would represent about 40 million bushels as compared with the current ending stocks estimate of 155 million. The weekly soybean crop update this week showed that 61% of the crop was rated good/excellent, unchanged from last week and compared with 66% last year. This is still up from July 29th conditions. Conditions improved by 3% each for Ohio and Minnesota but fell 5% in Iowa to 70%. Rain moving across the southern half of Iowa and all of Missouri was seen as a negative force yesterday, as the moisture could help improve crop conditions in some dry areas, especially if the current system works its way into western Illinois into the weekend. A Chinese newspaper reported that China plans to sell 4 million tonnes of state reserve soybeans to major edible-oil makers. This would help boost local supply and would likely ease China's import needs for the next few months.