Overnight, CBOT soybean futures closed up more than 1.2%, driven by two main bullish factors. First, stronger international crude oil prices as peace talks between Iran and the US lack substantive progress and the Strait of Hormuz remains closed provided spillover support to agricultural markets. Second, concerns that Midwest rains could slow spring planting progress led speculative funds to actively build long positions. However, the rapid pace of US soybean planting, significantly ahead of normal years, capped gains. In Brazil, the soybean harvest is nearly complete, with institutions estimating record production of around 180 million tonnes, and the country is now at its peak soybean export season. In Argentina, persistent rainfall and high humidity in the core production region have severely delayed harvest progress, which currently stands at only 25%, compared to 55% in a normal year. Ongoing rains have increased the risk of both yield and quality losses.