July soybeans traded 5 cents higher overnight. The Malaysian palm oil was down nearly 1/2% today. The dollar was sharply lower overnight.

Soybeans, meal and oil all traded sharply lower yesterday, although all three markets firmed somewhat into the close. Overnight trade was mixed, with soybeans and oil marginally higher and meal finishing somewhat lower. Planting progress in soybeans was fair during the past week, with overall progress pegged at 27% as of Sunday compared to 11% last week, 52% last year and a 10-year average of 46%. Weather forecasts so far indicate that we should see progress at the same rate or higher on next week's report. Traders indicate that news from Argentina weighed on the market yesterday, as farmer leaders indicated a desire to go back to the negotiating table as opposed to continuing the current strike. Malaysia was lower overnight despite reports that India may buy 1.5 million tonnes of edible oils, mostly palm, over the next three months. This week's export inspections were 8.531 million bushels. Weekly inspections need to average 8.7 million bushels to reach the USDA's old crop export projection. Total inspections to date stand at 86.9% compared to a 5-year average of 87.2%.

Moderate rains fell again overnight in south central Indiana and into east central Ohio. These areas have been wet over the past 7 days, and they are now perhaps the areas that are farthest behind in terms of planting progress. Rains today are expected across the north central and northeastern soybean belt. Dry weather is expected tomorrow and Thursday and should bring rains into the west central soybean belt through most of Illinois and into Kentucky. Temperatures are expected to warm up by at least 20 degrees between today and Sunday in the northern and northwestern soybean belt. The central belt down to the Ohio River Valley should warm by at least 10 degrees. Most areas are expected to be dry from Friday through Sunday. India is reportedly looking to buy 1.5 million tonnes of edible oils over a period of 3 months starting this month. No major soybean tenders are scheduled at this time.