Soybeans were boosted on reports China says it is still open to a trade deal despite the latest US sanctions imposed on that nation this week. Trade negotiations between the world's two largest economies are taking place in Washington, DC this week. Many market watchers are still very skeptical the two nations can reach a trade agreement anytime soon.

Grain traders are also awaiting two other big events later this week: the USDA monthly supply and demand report out Thursday morning and a big snow storm and cold taking aim at the US northern Midwest and Plains states. On the USDA report, there is no solid consensus regarding what the agency will do regarding the size of the US corn and soybean crops, especially after USDA last week made surprising cuts to US corn and soybean stockpiles.

The major snowstorm and cold weather forecast to hit the northern plains and northern Corn Belt late Thursday and into Saturday will end the growing season for crops in those regions. Corn and soybean harvest is already behind due to recent wet weather and the late planting in the springtime.

This is a bullish element for the grains that could become more significantly bullish in the coming several days.