Soybeans Extending Rally into Thursday

Group 1 - Soybean contracts are experiencing an upward trend, with prices increasing by 7 to 9 cents, and the national average cash bean price rising to $9.43 1/2, which is 8 1/2 cents higher [1][4] - Soymeal futures have also seen an increase, rising by $4.30 to $4.80, while soy oil futures are up by 15 to 20 points [1] - The US soybean crop estimate has been raised by StoneX to 53.9 bushels per acre (bpa), reflecting a 0.7 bpa increase from the previous month, with total production estimated at 4.326 billion bushels (bbu) [3] Group 2 - A significant discussion on soybeans is anticipated in an upcoming meeting between President Trump and President Xi of China, which may influence market dynamics [2] - The harvest price for crop insurance will be determined based on the average November soybean close during October, with the first close recorded at $10.13 [3] - Export sales data for soybeans was delayed, with analysts expecting sales between 0.3 million metric tons (MMT) and 1.6 MMT for the week ending September 25 [3]