Soybean contracts rallied on Friday, with prices up 7 to 9 cents. November saw a 12 ¾ cent increase this week after hitting a test of $10. The national average Cash Bean price was 9 1/4 cents higher at $9.45 ½, with basis firming somewhat.

Support from Soymeal futures and Soy Oil was noted, with Soymeal up $2.40 to $4.10 and Soy Oil 24 to 29 points higher. December closed with a $6 gain on the week. December Soy Oil was 116 points higher over 5 trade days.

With two weeks left for the Crop Insurance discovery, November soybean futures have averaged $10.16 so far. This is down from $10.54 from the Feb price but up from $10.03 from last year’s fall price.

President Trump expressed optimism about US-China trade ahead of a leaders meeting in a couple of weeks. He also mentioned that 100% tariffs on China are not sustainable. Nov 25 Soybeans closed at $10.19 1/2, up 8 3/4 cents. Nearby Cash was $9.45 1/2, up 9 1/4 cents. Jan 26 Soybeans closed at $10.36 3/4, up 8 1/4 cents. Mar 26 Soybeans closed at $10.50 3/4, up 7 cents.

Read more at Yahoo Finance: Soybeans End the Week on a High Note as Trade Tensions Ease