Soybeans Rally to Close Out October

Group 1 - Soybeans experienced gains of 7 to 9 cents across most contracts on Friday, resulting in a weekly gain of 55 cents [1] - The national average Cash Bean price increased by 6 1/4 cents to $10.33 1/2 [1] - Soymeal futures rose by $4.50 to $6.10, with December futures rallying $27.50 for the week [1] Group 2 - November soybeans averaged a closing price of $10.35 throughout October, which is an increase of 32 cents from the previous year but a decrease of 19 cents from the spring price [2] - China purchased an additional 4 cargoes of soybeans following a recent US/China meeting [3] - EIA data indicated that 1.041 billion lbs of soybean oil were used in biodiesel production in August, marking a year-over-year decrease of 14.48% and a 6.09% decline from July [3]