On Friday, CBOT soybean futures recovered slightly, though soybean oil underperformed soybean meal in intraday trading due to the drag from falling crude oil prices. Over the weekend, tensions in the Middle East escalated again, and crude oil reversed its losses to move higher today, with frequent shifts in market sentiment exacerbating price volatility. The 2026 spring planting season in the U.S. has begun, though rainfall last week slowed planting progress. Planting in the Midwest is expected to accelerate this week. The soybean harvest in Brazil is nearing completion, with the USDA forecasting production at 180 million metric tons. Argentina's soybean harvest is about 10% complete, with the USDA forecasting production at 48 million metric tons. The weather window in South America is gradually narrowing, and market attention is shifting from South America to North America. The deepening global soybean supply glut remains the main limiting soybean price upside.