CBOT soybeans are supported by disrupted Brazilian exports, stable Argentine production expectations, and rising freight costs. China imported 12.55 MMT in Jan-Feb (down 7.8% YoY) due to delayed South American shipments, not weak demand; imports are expected to recover in coming months. Near-term range: 12001230/bushel. Watch South American harvest progress, U.S. biofuel policy rollout, and geopolitical developments for directional cues.