CBOT soybean futures closed with narrow fluctuations on Thursday, with the benchmark March contract edging down 0.1% to settle at 1064 cents per bushel. The market exhibited a mixed and volatile pattern: on one hand, positive talks between Chinese and U.S. officials continued to bolster optimistic expectations for U.S. soybean export prospects. The U.S. Treasury Secretary confirmed that China had fulfilled its commitment to purchase 12 million tons of soybeans, which supported technical buying. On the other hand, Brazil's substantial production pressure remained significant. Several institutions, including Abiove, maintained their estimates for Brazil's new-season soybean production at a record high of over 177 million tons. Moreover, Brazil's strong export projections for January continued to limit the upside potential for prices. In the short term, the market will continue to oscillate between optimistic export sentiment and the reality of South American supply pressure.