CBOT soybean futures closed higher on Wednesday, with the May contract settling at 1179.25 cent/bu, up 5.75 cents per bushel. The gains were primarily driven by news of a scheduled meeting between Chinese and U.S. leaders in mid-May, which boosted optimism regarding U.S. soybean export prospects. Additionally, recent price declines attracted bargain-hunting buying. Bearish supply-side factors remain, as Brazilian consulting firm AgroConsult raised its production forecast to 184.7 million tons. In the short term, the market continues to focus on the month-end Planting Intentions Report and guidance on biofuel policies. The soybean futures main contract is expected to trade within the 11501180 cent/bu range.