CBOT soybean futures opened with a gap higher and climbed back above the 1,200-cent-per-bushel mark, mainly supported by continued purchases of U.S. soybeans by multiple buyers including China, strong crush data, soybean oil stocks falling to an eight-month low, and the U.S. imposition of tariffs on Brazilian tallow, which boosted the biofuel demand outlook for soybean oil. At the same time, U.S. biomass-based diesel RIN generation hit a multi-month high in June, signaling robust soybean oil demand. However, weather forecasts indicate that high temperatures in the Midwest will moderate next week with rainfall expected, limiting further upside for soybean prices. In addition, institutions project that Brazil's 2026/27 soybean production will reach a record 180.1 million tonnes, with a modest increase in planted area, pointing to persistent long-term supply pressures.