Soybean and soybean oil futures in Chicago increased amid speculations that demand from China will increase following strong winter storms that severely damaged China's crops.

China National Grain & Oils Information Center said about half of the autumn and winter rapeseed crop was affected by rain and snow pushing up the market.

Soybeans for May delivery increased by 12.5 cents, or 0.9 percent, to $13.98 a bushel on the Chicago exchange.

Soybeans surged last year after U.S. farmers planted few soybean.

The prices were boosted by rain that delayed harvesting in Brazil as well as concerns that high spring prices would encourage U.S. farmers to plant more wheat in-place of soybean acreage.

Soybean oil for May delivery increased by 0.49 cent, or 0.8 percent, to 59.35 cents a pound in Chicago trading at 58.87 cents.

Futures for soft-red winter wheat traded in Chicago rallied for the second day after importers rushed for supplies.

Wheat for May delivery in Chicago increased by 17 cents, or 1.6 percent, to $10.58 a bushel after gaining as high as $11.53 a bushel on Feb. 11.

Wheat for May delivery on the Minneapolis Grain Exchange increased by 4 percent to $15.8575 a bushel.

Japan said it will boost foreign wheat prices, for wheat sold to domestic millers by 30 percent on average which will be the biggest gain in 34 years.

China