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Soybeans Set New Four-Year High

Grain market awaits USDA supply/demand update on Tuesday

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Chicago soybean futures extended gains on Monday to a new four-year high as a broad rally triggered by an update by Pfizer Inc. on its COVID-19 vaccine trials added to further support to a soybean market already buoyed by strong Chinese demand and weather risks in South America.

Reuters reports corn and wheat turned higher after trading lower earlier in the day.

Moves in grain markets were relatively moderate as traders remained focused on Tuesday's world supply-and-demand outlook from the U.S. Department of Agriculture (USDA) for a gauge of resurgent Chinese demand and tightening supplies, amid weather concerns in several production zones.

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