Soybeans in Chicago close with the highest monthly increase in 5 years

Soybeans traded on the Chicago Board of Trade closed October with a strong appreciation, registering the highest monthly increase in almost five years. According to information from TF Agroeconômica, the advance was driven by market optimism following the trade agreement between the United States and China, which rekindled expectations of a resumption in U.S. exports of the oilseed. The November soybean contract rose 0.76%, to $10.99 per bushel, while the January contract advanced 0.70%, to $11.15. In meal, the December expiration closed with a significant increase of 1.90%, at $321.6 per short ton, and soybean oil declined 1.95%, quoted at $48.68 per pound-weight. In the weekly total, soybeans gained 5.57% and meal, 9.35%, while oil gave up 3.16%. The market remains excited about the developments of the summit between Donald Trump and Xi Jinping. Rumors of new purchases by COFCO, the Chinese state-owned company, stirred the week, and the U.S. government confirmed Beijing's ...