CBOT soybean futures soar to 15-month high on trade deal prospects

CHICAGO, Oct 28 (Reuters) - Chicago Board of Trade soybean futures rallied for a second session on Tuesday, reaching their highest price in 15 months amid trader optimism that the U.S. could reach a trade deal with China.

• Earlier in the session, the most-active contract Sv1 reached $11.08 a bushel, its highest level since July 8, 2024.

• But futures pared gains by mid-session on pressure of profit-taking and farmer selling, traders said.

• CBOT November soybeans SX25 ended 11 cents higher at $10.78-1/4 per bushel.

• CBOT December soymeal SMZ25 ended up $8.30 at $306.50 per short ton, while December soyoil BOZ25 fell 0.51 cent to 50.26 cents per pound.

• Soybean export prospects remained the focus of the grain markets, traders said.

• Trump said Monday that the U.S. and China, by far the world's biggest soybean buyer, were set to "come away with" a trade deal, while Treasury Secretary Scott Bessent told NBC on Sunday that China would make "substantial" soybean purchases under a proposed framework.

• Brazil's soy exports were seen at 7 million metric tons in October, versus 7.34 million tons in the previous week, Anec reported Tuesday.