CHICAGO (Dow Jones)--Soy complex futures are weaker at midday on Friday, pressured by profit taking after a week of hefty gains and on forecast suggesting rain this weekend in parched areas of the Midwest.

At 11:06 a.m. CDT, 1606 GMT, most-active July soybeans are down 10 cents at $6.66 a bushel. November soybeans are down 10 cents at $6.66 1/2. July soymeal is down $2.80 at $207.50 a short ton. July soyoil is down 51 points at 23.77 cents a pound.

Soy complex futures opened weaker as expected off of the weather forecasts and the overnight softness. The market lightly extended those early losses as selling interest picked up soon after the open.

"We've had a nice rally in soybeans. We started higher originally in the overnight, but then the forecasts called for rain and that took us lower. We're going into a three-day weekend, so we're seeing some light profit taking," said Jim Smitherman, president, Harvest Trading Group, LLC.

Technical analyst Jim Wyckoff noted both July and November soybeans reached the overbought level on the 14-period Relative Strength Index, meaning those markets are due for a corrective pull back. Support for July soybeans are seen at 6.63 1/2, Thursday's low, and then at $6.57.

Bulls would lose technical momentum in November soybeans if prices dropped back below technical support at $6.46 1/2, which would fill on the downside this week's upside price gap on the daily bar chart, Wyckoff said.

The next upside price objective for the new-crop November soybean futures is psychological resistance at the $7.00 level, he said.

Smitherman said he doesn't see this midday sell-off gather steam and suggested it is very possible for soybeans to get a bounce, especially since the fundamental picture for soybeans is positive. However, he cautions, with many market participants getting ready for the holiday, trade will likely taper off into the close, leaving soybeans vulnerable to volatile action due to low volume.

Traders said there is a cautious tone in the market as many market participants are concerned Tuesday's action could be mercurical. Smitherman concurs.

"We're either going to be 20 (cents) lower or 20 higher, depending on how the weather shapes up," he said.

He said he's friendly toward soybeans and said even if the market is down sharply on Tuesday, soybeans might not hold those losses long. "I don't see these funds getting out of the soybean market utnil this bean crop is made. We still haven't had an (Asian soy) rust scare yet," he said.

The CBOT is closed for Memorial Day on Monday; trade will resume on Tuesday.

Buyers include UBS buying 1,200 July; Citigroup, ADM and Man Finacial each bought 200 July. Sellers included Refco selling 700 July and 100 Nov; CIS sold 500 July; Produce Grain sold 300 July.

Soy Products

Soymeal and soyoil are both weaker, following a similar path as soybeans. Both markets opened weaker on profit taking and a cautious tone has developed there, too.

Soyoil is leading the downside in the products, with meal-oil spreads dominating Friday. Commercial selling was also seen.

In soymeal EDF Man bought a net 200 July; Merrill Lynch sold 200 July; and Cargill sold 100 July.

In soyoil, FIMAT bought 400 July. Produce Grain sold 300 July; ADM sold 200 July.

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