Soybean Rally Extends to Tuesday’s Midday

Market Overview - Soybeans are experiencing gains of 10 to 13 cents across front months, with January futures attempting to surpass $11 and November reaching a new calendar year high [1] - The national average cash bean price has increased by 12 3/4 cents to $10.11 1/4 [1] - Soymeal futures are up by $8.30 to $8.60, while soy oil futures are down by 72 to 74 points [1] - Market optimism is present ahead of the upcoming Trump-Xi meeting [1] Harvest Progress - The trade anticipates that soybeans will be approximately 84% harvested as of October 26 [2] - The Crop Progress report was not released due to the government shutdown [2] Export Data - Brazil's soybean exports are projected at 7 million metric tons (MMT) for October, reflecting a decrease of 0.34 MMT from previous estimates [3] - Current soybean prices include November at $10.79 3/4 (up 12 1/2 cents), nearby cash at $10.11 1/4 (up 12 3/4 cents), January at $10.96 3/4 (up 11 3/4 cents), and March at $11.08 (up 12 1/2 cents) [3]