image = Import["https://i.stack.imgur.com/UNXEV.jpg"];
n = TotalVariationFilter[image, 0.05]
b = LocalAdaptiveBinarize[n, 50]
s = DeleteSmallComponents[ColorNegate[DeleteSmallComponents[b, 20^2]], 20^2]
(d = DistanceTransform[s]) // ImageAdjust
m = MaxDetect[d, 10]
(w = WatershedComponents[ColorNegate[d], m]) // Colorize
c = ComponentMeasurements[w, {"Centroid", "EquivalentDiskRadius"}, #2 < 50 &];
Show[image, Graphics[{Thick, Red, Circle @@@ c[[All, 2]]}], ImageSize -> 1280]

(Click for bigger.)
Run the code to see the intermediate steps.
Thanks to nikie for the second half of this answer.
LocalAdaptiveBinarize
is new in version 10, but all it does is "creates a binary image by replacing values above the mean of the range-$r$ neighborhood with $1$ and others with $0$." So you can replace it with something like, say,
b = Binarize[ImageSubtract[n, MeanFilter[n, 50]], 0]
which gives similar results, though not identical for some reason. Possibly there's a more elegant way to do it.