Overnight, the main CBOT soybean futures contract closed higher, supported by expectations of improved demand from biofuel producers amid the Middle East conflict, as well as concerns over fertilizer supply disruptions. The US Department of Agriculture (USDA) reported on Thursday that net export sales of US soybeans for the current marketing year stood at 298,200 metric tonnes for the week ending March 12, down 35% from the previous week and 42% from the four-week average. Market expectations had ranged from 350,000 to 800,000 metric tonnes. Among these, net export sales to mainland China were 79,900 metric tonnes. In South America, Argentina's 2025/26 soybean production forecast remains unchanged at 48.5 million metric tonnes, with harvesting expected to begin in April. Abiove projects Brazil's 2025/26 soybean output at 177.85 million metric tonnes, up from its previous estimate of 177.12 million metric tonnes.