Voyage fixtures for modern panamax rates for the benchmark US Gulf to Japan route were quoted at $60-$62 per tonne for early March shipments, compared to $60-$63 two weeks earlier, brokers said.
Countries such as China, Taiwan and South Korea, celebrated the Lunar New Year and many companies in those nations took off the whole of last week. Some parts of China are still on holiday.
"Overall rates are rising slightly, although the move up currently lacks firm backing," a Seoul broker said.
He said rate offers were rising as brokers expected firm demand for vessels to ship new crops from South America and also anticipated growth in overall Chinese commodities demand, although there were as yet few actual contracts.
Top soybean supplier the United States seasonally dominates the global export market between September and early January, after which shipments from Brazil and Argentina, which are often cheaper, become available.
Brazil is the world's second largest supplier of soybeans, followed by Argentina.
Japan also often begins shifting its soybean purchases to Brazil from early March shipments.
A Japanese shipping official was slightly more cautious saying that sufficient activity had yet to return to the market, making the near-term outlook difficult to judge.
Most traders believe the long-term outlook for the shipping market is firm.
Shipping industry officials have also said that Japanese importers were expected to be active ahead of book closings for the end of the financial year, which for many Japanese companies is on March 31.
Freight markets would decide price direction later this week when the Chinese return from their holidays, Seoul brokers said.
"If Chinese demand starts to emerge, the rates are projected to shoot up," a second broker said.
In the period market, time-charter rates for the benchmark route from the US Gulf to Japan were quoted at $40,000 a day plus $700,000 ballast bonus (BB), compared with $42,000-43,000 a day two weeks ago.
The rate for the Pacific market rose to $34,000-$39,000 a day versus $30,000-35,000 two weeks ago.
From Europe to East Asia, rates were steady at $41,000 a day.