CBOT soybean futures traded in a narrow range, supported by strong export inspection data and new highs in soybean oil futures. At the same time, heightened tensions in the Middle East pushed up crude oil prices, indirectly boosting soybean oil, a key feedstock for U.S. biodiesel. Data from agricultural consultancy AgRural showed that as of last Thursday, Brazil's soybean harvest had reached 82%, advancing 7 percentage points from the previous week but still trailing last year's 87% pace. Meanwhile, recent persistent rainfall in Argentina improved soil moisture in agricultural areas, particularly benefiting late-planted soybeans, and the expectation of a bumper harvest in South America remains unchanged. In the short term, the market is focused on potential procurement expectations from the possible Sino-U.S. leadership meeting in May, while also monitoring the pace of Brazilian soybean arrivals. In the medium term, attention will turn to U.S. soybean planting conditions.