Late call on Chicago

CBOT soybean futures are called to start the session 10 to 12 cents higher. July wheat, which represents the new crop, is called to open 1 to 2 cents per bushel lower. Corn is called 3 to 5 cents higher.

"It looks like the market overreacted to the downside Monday, and with the U.S. dollar lower and solid underlying demand, corn & soybean futures are poised to extended the higher overnight theme," a CBOT floor analyst said.

Meanwhile, rumors that the lack of progress in negotiations with the Argentine government and farmers could lead to a resumption of a farmers strike in Argentina next week are seen supporting futures as well, traders said.

Wheat has a lack of technical support after recent losses, traders said. CBOT July wheat needs to return above $8.95 to $8.96 in the next two trading days, or the market is likely to continue its technical sell-off, said Mike Zuzolo, analyst for Risk Management Commodities. "If we don't regain the $8.95 support level in the next two sessions, the downside is another 40-60 cents in July Chicago wheat," Zuzolo said in a note to clients.

Corn is seen steadier as a new round of showers currently over eastern Iowa, eastern Missouri and parts of Wisconsin are expected to keep producers out of the fields.