Soybeans, Corn, And Wheat Surge One Day Ahead Of Huge Crop Report

Grain futures soared as traders anticipate an updated crop forecast from the U.S. Department of Agriculture tomorrow.Corn for December delivery jumped 6% to $6.45 a bushelWheat for December delivery that surged nearly 7.7% to $6.58 per bushel.Soybeans for November delivery gained 5.1% to hit $12.37 a bushel.Soybean prices in particular seem to be emerging from a long rout as demand for the commodity outpaced farmers' ability to grow it.Global demand for soybean jumped 47% in the past decade, led by demand from India, China and Brazil. Consumption is expected to increase 3.8% to 262.24 million metric tons,  a record high, in the year ending September 30, 2012, Bloomberg reported.Meanwhile, the U.S. soybean harvest is expected to decline 7.3% this year, in part because more farmers are choosing to plant corn because they earn more, and in part because of supply-side worries.Now here's a look at that spike in Soybean futures:Please follow Money Game on Twitter and Facebook.Join the conversation about this story »See Also:WELCOME BACK: Markets Are Ripping Higher...And Here's Some More Good News From EuropeWhat Wall Street Analysts Are Buzzing About This Morning

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