CBOT soybean futures closed higher. Expectations of a visit by the U.S. President to China in May have boosted market optimism for U.S. soybean export prospects to China. Meanwhile, tensions in the Middle East have escalated again after the failure to reach a two-week safe period, providing support for crude oil futures prices. Strong demand for vegetable oils also remains a factor. Collectively, these elements have provided effective support for U.S. soybean futures prices. However, an increase in U.S. soybean planted area and market caution ahead of the monthly WASDE report have limited the gains. In this report, U.S. soybean ending stocks are expected to be lowered, while global soybean ending stocks are seen increasing. Brazil and Argentina soybean production is expected to be slightly raised. Overall, the report is expected to be neutral to slightly bearish. In the short term, U.S. soybean prices are expected to fluctuate within the 1140 to 1180 cents per bushel range.