U.S. soybean futures are poised for a higher start Monday, supported by spillover strength from corn and wheat and ongoing concerns about U.S. seedings and its effect on new crop supply and demand.

CBOT soybeans are called to open 3 cents to 5 cents higher.

In overnight trading, Chicago Board of Trade July soybeans were up 0.3% at $13.33 1/2, and new crop November futures were up 0.2% at $13.14.

Weather is the dominant issue in the market amid planting delays for corn and wheat. Yet, with flooding in the southern U.S., traders are concerned about the potential for lost soy acres as well.

The bean market will follow corn and wheat initially and, despite the assumption soybean acres could increase amid any lost corn seedings, the flooding in the south could also lead to smaller soy plantings in the area, said Don Roose, president of Iowa based brokerage U.S. Commodities.

Government forecasters are already projecting "razor tight" 2011-12 end of year supplies, and any threat to new crop production will keep the market underpinned, Roose said.

The tight supply scenario places increased pressure on U.S. farmers to produce bumper crops in 2011.

Traders are also expected to look beyond the soybean market to the outside markets for guidance. Lower crude oil and silver futures are expected to limit advances, with traders still concerned about investors continuing to reduce risk exposure in commodities.

Friday's commitment of traders report from Commodity Futures Trading Commission showed the amount of positions in soybean futures declined by 14,746 contracts last week.

In general, speculative investor positions got smaller across commodities, a feature that may limit trader's willingness to push prices amid fear of further liquidation, Roose added.

Slower export and domestic demand will continue to limit upside movement in prices, as record harvests in South America cool demand for U.S. exports. Freshly harvested South American supplies have increased competition for global soybeans and soy product exports, with cheaper Brazilian supplies an attractive alternative to U.S. supplies.

China, the leading importer of U.S. and global soybeans, has slowed its purchasing of late, as China's soybean demand is reportedly sluggish with port inventories high and supplies at crushing plants at comfortable levels.

National Oilseed Processors Association pegged April crush rates at 121.3 million bushels, down from March's 134.4 million, and below the average of estimates from a Dow Jones Newswires survey of 125.5 million bushels.

On tap for Monday, the U.S. Department of Agriculture is scheduled to release its weekly export inspections report at 11 a.m. EDT and its weekly crop progress report at 4 p.m. EDT.