Soybean futures saw a significant rally following the announcement of a trade deal with China, which includes the purchase of 12 million metric tons of U.S. Soybeans this season and 12 million metric tons per year for the next three years. This news caused prices to rise sharply after an initial sell-off on vague headlines, resulting in Soybeans trading in a 40-cent range, nearly three times the 14-day average true range. The price movement drove the CME volatility index for Soybeans to 23, the highest level of the year, although it has since dropped back to about 16.5. With the U.S. Soybean harvest estimated to be 84% complete, the market focus is shifting to South America's crop progress, where Agro estimates Brazil's soybean planting is 36% complete and 55% of their first corn crop is planted.