CBOT soybean futures closed lower on Wednesday, with the front-month May contract settling at 1167.25 cents per bushel, down 5 cents. The decline was driven by two main factors: first, rising expectations of a ceasefire in the Middle East led to capital outflows from grain markets and into equities; second, weather conditions in South American production areas continued to improve. The Buenos Aires Grain Exchange reported beneficial rainfall over the past week in key soybean and corn regions, further boosting crop conditions. Additionally, a consulting firm raised its forecast for Brazil's 2025/26 soybean production to 179.7 million metric tons, reinforcing expectations of a bumper harvest in South America. In the near term, the U.S. soybean market lacks clear bullish drivers and is expected to remain range-bound.