CBOT soy climbs on optimism about China and US government reopening

CHICAGO, Nov 10 (Reuters) - Chicago Board of Trade soybean futures rose on Monday on signs of progress toward the end of a record-long U.S. government shutdown, along with expectations of a revival of U.S. soybean exports to top buyer China, traders said.

• CBOT January soybeans SF26 settled up 13 cents at $11.30 per bushel but stayed below a 16-month high set last week.

• CBOT December soymeal SMZ25 ended up $2.90 at $320.00 per short ton and December soyoil BOZ25 rose 0.90 cent to settle at 50.58 cents per pound.

• Market players remain optimistic about trade relations with China after the Asian nation last week announced it would restore soybean import licenses for three U.S. firms.

• Traders are positioning ahead of crop supply/demand reports due on Friday from the U.S. Department of Agriculture that will include the agency's first U.S. and global crop estimates since mid-September.

• Meanwhile, the USDA reported export inspections of U.S. soybeans in the latest week at 1,088,577 metric tons, in line with trade expectations for 1,000,000 to 1,700,000 tons. USDA/I

• The inspections report showed no soybeans earmarked for shipment to China.

• The U.S. harvest is seen as nearly complete, with analysts surveyed by Reuters on average estimating the soybean harvest as 96% finished. The USDA has not released its regular weekly U.S. crop progress report since late September.

• In Brazil, soybean planting was 61% complete, lagging the 67% seen a year ago due to irregular rainfall, consultancy AgRural said.