March soybean futures rose by 51 cents a bushel due to positive statements from President Trump regarding increased Chinese purchases. Soybean meal hit a six-week high, and bean oil increased by 1.82 cents per pound. The USDA report this month is expected to show minimal changes in U.S. soybean stocks.

Soybean traders are concerned about dry weather in South American growing regions impacting crops. Trump’s announcement of increased Chinese purchases will lead to closer monitoring of U.S. export sales. The USDA’s late-March planting intentions report will be crucial for grain markets.

March corn futures increased by 2 cents a bushel last week. Profit-taking pressure was observed on Friday, but traders expect minor changes in U.S. corn stockpiles. South American crop conditions are being closely watched by corn traders.

Winter wheat futures declined last week, with soft red winter wheat down by 8 1/4 cents and hard red winter wheat down 13 1/2 cents. The USDA’s upcoming supply and demand report is anticipated to show minor changes in U.S. wheat stockpiles. Dry weather in the central and southern Plains may intensify drought conditions.

Crude oil price action is affected by U.S.-Iran discussions. The U.S. dollar index’s recovery could negatively impact U.S. grain markets, particularly wheat. Jim Wyckoff, the author, welcomes reader feedback and does not hold positions in the securities mentioned. Data provided is for informational purposes only.

Read more at Yahoo Finance: Soybean Market Bulls Gain Footing with Monthly USDA Report on Deck