CBOT soybean futures continued to decline last Friday, with the main contract for July closing at 1177 cents per bushel, down 16 cents. The market continues to price in the reality that no new progress has been made in U.S. soybean export demand. Following the recent China-U.S. presidential meeting, no news of large-scale purchases has emerged, and optimistic sentiment has faded. On the fundamental side, the NOPA Crushing Report showed that U.S. soybean crush volume in April fell to 211.856 million bushels, the lowest level since September 2025 and below market expectations. U.S. soybean export business remains constrained by multiple factors, including trade tensions, the U.S. dollar exchange rate, and competition from Brazilian supply, with market expectations that purchase volumes are unlikely to increase.