May soybeans traded 20 cents lower in the overnight session. Malaysian palm oil was down by up to 3.7% today. Traders there are also said to be waiting for Monday's reports by the USDA. Crude oil and gold are under light pressure today.

Overnight trade was lower with the market trading near the lows late. May meal made new lows late as well. Traders from Malaysia to the US are said to be evening up ahead of Monday's reports, and many traders and analysts feel that we will see a quiet day today. Wet weather in the southern US Midwest this week and the strike in Argentina are two events that have dominated the markets in recent days, according to traders. Both factors remain very much in play, although both sides in the Argentine strike sounded a bit more conciliatory yesterday. President Fernandez called for an end to the strike followed by negotiations, and she did not threaten to use force to break up the strike as she had earlier in the week. Some of the leaders responded favorably to the call for negotiations and the more conciliatory tone, and demonstrations in Buenos Aires were smaller. Still many farmers vow to continue the protest against increased export taxes on soy and sunseed products. Trade at the Gulf was much quieter yesterday, although sources in India indicate that 200,000 tonnes of soymeal have been booked for export there in the past week. This extends the typical season for selling meal, and this is being credited to the strike in Argentina. Soybean limits will increase from 50 cents to 70 cents today, and oil limits will increase from 2.00 cents to 2.50 cents. Weekly export sales for soybeans were 532,300 tonnes, well above trade expectations. Old crop sales were 369,600 tonnes. Cumulative sales are at 96.5% of the USDA forecast compared with a 5-year average of 89.9%. China was the largest buyer. Meal sales were at the high end of expectations at 178,800 tonnes. Old crop sales were 156,800 tonnes. Oil sales were well above expectations at 42,000 tonnes, all old crop. Total sales have reached 75.4% of the USDA forecast compared to a 5-year aver of 51%. The US Census Crush for February came in at 146.4 million bushels versus 136.9 million a year ago and 134.3 as the 5-year average.

Continued wet weather in the southern US Midwest overnight with more rains coming in late Saturday and extending in some cases into Monday. This is considered bullish for corn and bearish for soybeans. No new tenders again today. The effect of the force majeure in Argentina was less pronounced at the Gulf yesterday, where soybean bids were mostly steady.