Soybean futures on the CBOT retreated from the two-month high set the previous day. As the Chinese New Year holiday approaches, traders have been taking profits and closing positions. Combined with the advancing soybean harvesting activities in Brazil, the seasonal pressure has exacerbated the downward trend. Although the record-breaking supply in South America continues to pose upward resistance, supported by export demand expectations and technical factors, analysts predict that U.S. soybean crush volumes in January may decline compared to December but are expected to increase by 9.1% year-on-year, ahead of the release of the crush report by the National Oilseed Processors Association (NOPA) next Tuesday (February 17). In the short term, under the tug-of-war between the pressure from Brazil's supply and policies and demand, the price of U.S. soybeans is likely to fluctuate within the range of 1100-1150 cents.