Overnight, CBOT soybean futures closed lower at 1191 US cents per bushel, driven by market expectations of a potential ceasefire between the U.S. and Iran, which prompted selling by commodity management funds and speculators holding long positions in agricultural products. Amid volatility in crude oil prices, CBOT soybeans may continue to test the key psychological level of 1200 US cents per bushel. On the U.S. soybean production front, the USDA Export Sales report showed that net export sales of U.S. soybeans for the current marketing year stood at 141,940 metric tons for the week ending April 30, below market expectations of 200,000 to 500,000 metric tons. In South America, Anec estimates Brazil's May soybean exports will reach 14.53 million metric tons, compared to 14.18 million metric tons in the same period last year. According to Secex export data, Brazil exported 16.7467 million metric tons of soybeans in April, an increase of 10% year-on-year.