Soybeans experienced a significant increase due to commercial and technical buying, supported by the strength in soybean meal and a weaker dollar. Anticipation is high for the USDA reports, which are predicted to show a rise in planted area and a decrease in stocks. The market is closely monitoring harvest activities in Brazil and conditions in Argentina, as the growing number of Brazilian soybeans in the market is affecting demand for U.S. beans.
Corn prices adjusted spreads and are anticipating Friday's USDA reports, which are expected to show a smaller supply against a larger planted area. China has purchased 136,000 tons of U.S. corn, the tenth report in the last 11 business days, and the total for this series of sales has surpassed trade expectations.
Wheat prices rose due to fund and technical buying, with concerns about drought and potential planting delays. The USDA is projected to report smaller quarterly stocks and higher acreage, while domestic demand remains strong. However, export demand for U.S. wheat remains slow, and the market is dominated by Russia, Ukraine, Australia, and the European Union due to their price advantages and the relative strength of the dollar.