Soybeans Extending Higher on Monday AM Trade

Market Overview - Soybeans are experiencing gains of 3 to 5 cents in the front months, with futures having posted gains of 7 to 9 cents across most contracts on Friday, resulting in a weekly gain of 55 cents for November [1] - Total open interest increased by 6,882 contracts on Friday, indicating new buying activity [1] - The national average Cash Bean price rose by 6 1/4 cents to $10.33 1/2 [1] Soybean Futures - Soymeal futures increased by $4.50 to $6.10, with December futures rallying $27.50 for the week [1] - Soy Oil futures decreased by 68 to 97 points, with December falling 159 points since last Friday [1] Crop Insurance and Pricing - November soybeans averaged a close of $10.35 throughout October, which is expected to be the harvest price for Crop Insurance, up 32 cents from last year but down 19 cents from the spring price [2] International Trade - China purchased an additional 4 cargoes of soybeans following the recent US/China meeting, with market attention on whether China will be a destination in the upcoming Export Inspections report [3] Biodiesel Production - EIA data indicated that 1.041 billion lbs of soybean oil were used in biodiesel production in August, down 14.48% year-over-year and 6.09% below July, representing 39.15% of total biodiesel feedstock, the highest inclusion rate since September 2023 [4] Brazilian Soybean Crop - AgRural estimates that the Brazilian soybean crop is 47% planted as of Thursday, trailing behind last year's pace of 54% [4]