U.S. soybean futures are expected to stabilize Wednesday, ending a sharp sell-off spurred by a broad sell-off of commodities.

CBOT soybeans are seen opening 7 cents to 10 cents higher.

In overnight trading, Chicago Board of Trade May soybean futures, the most active contract, were up 10 cents at $13.39 3/4. New crop November futures were up 10 1/4 cents at $13.54 1/2.

After Tuesday's big break in prices and outside crude oil and equity markets showing strength in early trade, futures are poised to find some price support, said Don Roose, president Iowa-based brokerage U.S. Commodities.

With tight supplies and solid demand, traders are waiting to see if the market has found a fair value, looking ahead to Thursday's export sales report to see if recent price declines have drummed up fresh demand, Roose added.

The most-active May soybean contract has dropped 80 1/2 cents, or 5.7%, since March 31.

The market is still concerned about spring planting weather, as large crops and strong yields are needed to replenish precariously tight projected end-of-year inventories. The market can't afford to take out too much risk premium in the face of uncertain 2011 production prospects, Roose said. However, an aggressive harvest of a projected record Brazilian soybean crop continues to limit upside potential, as fresh South American supplies take away the urgency to curb U.S. usage.

Higher South American output forecasts reflective of Friday's higher world supply forecasts by U.S. federal forecasters confirm supply fears are easing for soybeans.

The market is seemingly comfortable that South American supplies will relieve the strain on tight U.S. stocks signaled by slowing export demand.

The general belief in the market is poor processing margins have resulted in China pushing out delivery of South American soy purchases while switching some U.S. soybean purchases to cheaper priced Brazil soybeans.

Meanwhile, market participants will keep their eyes focused on weather conditions, as any threat to corn plantings due to wet, cool conditions increases the odds of increased soybean seedings, analysts said.

The Telvent DTN weather forecast said rain, thunderstorms and even snow will keep spring field work and early planting slow in the Midwest this week. The potential for severe weather remains intact for the next 10 days, Telvent added in the forecast.