Soybean Market Bulls Gain Footing with Monthly USDA Report on Deck

Group 1: Soybean Market Insights - March soybean futures increased by 51 cents a bushel, driven by President Trump's comments on increased Chinese purchases of U.S. soybeans [1] - March soybean meal reached a six-week high, rising by $10.00 a ton, while March bean oil rose by 1.82 cents a pound [1] - The soybean complex is currently leading daily price movements in the grain futures market, despite some profit-taking pressure from short-term traders [2] Group 2: Supply and Demand Reports - The upcoming USDA supply and demand report for February is expected to show minimal changes in U.S. soybean stocks compared to January [5] - Traders are closely monitoring weather conditions in South America, as recent dry weather raises concerns for soybean and corn crops [5][9] - The late-March USDA planting intentions report is anticipated to be a significant data point for grain markets [7] Group 3: Corn Market Developments - March corn futures gained 2 cents a bushel, with profit-taking observed after prices reached a three-week high [8] - The February USDA supply and demand report for corn is expected to show minor changes in U.S. corn stockpiles from January [8] Group 4: Wheat Market Trends - March soft red winter wheat futures declined by 8 1/4 cents, while March hard red winter wheat fell by 13 1/2 cents from the previous week [10]