Grains rallied on trade talks as Soybean futures gapped higher.

Grains are rallying due to renewed trade talks, with Soybean futures gapping up on news of a potential trade deal framework. November Soybean futures were up $0.31 to $10.7275, with all front-month contracts trading over $11 at one point. This rally comes as Soybean meal has been up for nine consecutive days. Options open interest saw a major migration into the December and January contracts following the expiration of November contracts. Corn futures were higher on bullish demand, supported by the strength in the Soybean market, breaking out of a month-long channel and returning to early July prices. December Corn futures were up $0.0825 to $4.315. Wheat futures surged for the fourth straight day as demand strengthened, despite reports of an 18% production increase in Argentina, which the market appeared to shrug off. December Wheat futures were up $0.18 to $5.305.