July soybeans traded 11 3/4 cents lower overnight. Malaysian palm oil fell about 1% today after a modest rally yesterday. Traders there cite weak export demand. The dollar was lower overnight.

Soybeans made a new high for the week yesterday in the July and November contracts before easing somewhat into the close. Prices fell overnight with old crop July continuing to lose to new crop November in both sessions. The latest rain system moved through the southern Midwest and Delta over the past 24-36 hours, and these areas may see further rains today. The weather then turns dry across most growing areas through Sunday. Traders are looking for a very rapid planting pace in corn this week, but we are also likely to see rapid progress in soybeans. Last week's Crop Progress Report showed 11% of the crop planted versus a 10-year average of 27%. The upcoming week's figure will compare to a 10-year average of 47%. News from Argentina was mixed yesterday, with farm leaders still undecided as to whether to take a 24-hour break in the current strike. The strike was scheduled to end today. The government has shown no signs of being willing to lower the export taxes that started the farm strike in the first place. The National Oilseed Processors Association (NOPA) released its estimates for the month of April yesterday. It put crush at 139.966 million bushels for the month, which was below trade expectations. This compares to 148.165 on last month's report and 138.720 last year. Oil stocks at the end of April were pegged at 2.409 billion pounds, which was higher than expected. In the weekly hatchery report, US broiler producers set 214 million eggs for the week ending May 10th, which is down 3% from last year's pace. This suggests "less" meal demand in the months just ahead.

The past 24 hours have seen widespread rain from the latest system to move through the central US. However, as expected this system has stayed to the south with moderate to heavy rains falling from central Texas into the Delta and mostly light to moderate rains extending through southern Illinois into Indiana over the past 24 hours. Forecasts call for mostly dry conditions across all major growing areas over the next two days. Cooler than normal temperatures are expected over the next few days in the northern and western soybean belt along with most of the Great Plains. Cool temperatures should gradually shift to the east to cover most of the central and eastern soybean belt from Tuesday through Saturday. Western growing areas should see normal temperatures at that time. No major soybean tenders are scheduled at this time.

Weekly export sales for soybeans, released before the open today, came in at 201,400 metric tonnes for the current marketing year and 300 for the next marketing year for a total of 201,700 metric tonnes. Meal sales came in at 115,600 metric tonnes for the current year and 1,200 for the next year for a total of 116,800. Oil sales came in at 10,800, all in the current marketing year.