Soybean prices declined on Monday closing 9 ¾ cents lower. As has been the case lately corn led the way lower under pressure due to lack of confirmation of additional Chinese buying. Long liquidation by funds ahead of the key acreage report due out Thursday was another reason. Weekly export inspections were 29.3 mil. bu. in line with expectations. Volume on Monday was very light. Soybeans traded 109,357, Meal 41, 232 and Oil 71,415. Funds were net sellers of an estimated 3,000 Soybeans, 2,000 Oil and 1,500 Meal.

Opening Call Higher. Talk continues of China buying US corn. Additional estimates of 1 to 3 mmt are being discussed. Grain Analyst Celeres estimates Brazil Soybean harvest at 56% complete vs. 67% last year and 49% average. USDA Acreage report due out Thursday morning An average of analysts' estimates pegged 2011 U.S.soybean acreage at 76.870 million ahead of the release on Thursday of USDA's plantings report, down from 77.404 million last year. The average estimate for U.S. soy stocks as of March 1 was 1.299 billion bushels, up from 1.270 billion a year ago, and the third-largest ever. Drier weather in Argentina and warmer temperatures are helping boost harvest progress there, while heavy rains in southern Brazil over the weekend and Monday delayed harvest. Opening Call: Soybeans 3-5 higher, Oil 5-10 lower and Meal $1.00 to $2.00 higher.

Top News

-- Dalian Jan. Soybean futures were up +8 @ 4,633 yuan/mt., Jan Soymeal was up +6 @ 3,394 yuan/mt. -- Dalian Sept. Palm Oil futures were down -86 @ 9,050 yuan/mt., Sept. Soyoil was down -84 @ 10,008 yuan/mt. -- Malaysian Jun. Palm Oil futures were down -46 @ 3,236 ringgit/mt., range on the day was 3,248 to 3,217 ringgit. -- Liffe May Rapeseed futures were up +4.25 @ 481.25 euros/mt. -- Globex Soybean Vol. 100,360; Pit Vol. 4,897; Open Interest Change: - 1,519 -- Weather: 6-10 Day Forecast: Normal to Below Temps. Normal to Above Precip.

-- Outside markets: Energy Complex -0.70 at $103.28; Gold & Silver: -2.9 at $1417.0 & -0.248 at $36.840; US $ +0.189 at $76.565

LaSalle Street News Cash Markets

-- CIF Soybeans off 2 . Mar. +?? to +64, Apr +56 to +64, May +56 to +64, J/J +?? to +64, Oct. +68 to +70, Nov. +68 to +74, Jan. +65 to +73