Overnight, CBOT soybean futures closed lower at 1191 cents per bushel as market expectations of a possible U.S.-Iran ceasefire triggered selling by commodity management funds and speculators who had previously held long positions in agricultural products. Amid volatility in crude oil prices, CBOT soybeans may repeatedly test the 1200 cents/bushel key level.On the U.S. soybean production front, the USDA Export Sales Report showed that net sales of U.S. soybeans for the current marketing year stood at 141,940 metric tons (MT) for the week ending April 30, below market expectations of 200,000500,000 MT. In South America, Anec estimates that Brazil's soybean exports will reach 14.53 million MT in May, compared to 14.18 million MT in the same period last year. Export data released by Secex showed that Brazil exported 16.7467 million MT of soybeans in April, an increase of 10% year-on-year.