Soybean futures gain ground ahead of U.S. agriculture ministry's report

Soybean futures rose over one percent in American trade as the dollar index edged down according to their inverse relation, amid a lack of data from the U.S., the world's largest soybean producer and exporter, and ahead of the U.S. agriculture ministry's report.
 
As of 09:31 GMT, soybean futures due on March 16 rose 1.53% to $1,058.75 a bushel from the opening price of $1,041.75, with an intraday high at $1,059.75, and a low at $1,040.27, while the dollar index fell 0.21% to 100.27 from the opening of 100.48.
 
Markets now await the U.S. agriculture ministry's monthly report tomorrow, as soybean futures rose $1.50 from the same time in 2016 ahead of the crop season in North America, after which markets will set prices for the crops in Brazil and Argentine, while pointing to the benefits soybean crops have gained from the damp weather in the spring of 2016.