CBOT soybean futures plunged over 3%, with the decline mainly attributed to the U.S.-Iran ceasefire triggering a nearly 9% drop in international crude oil prices, leading to a concentrated unwinding of risk premiums across the commodity markets and long-position profit-taking. However, after the session closed, the USDA crop report showed that as of the week ending July 26, the U.S. soybean good-to-excellent rating fell to 63%, below market expectations of 64% and the previous week's 66%, marking the lowest level for the same period since 2023. Meanwhile, private exporters reported new-crop soybean sales to China and unknown destinations totaling 258,000 tonnes. Strong export demand and a larger-than-expected drop in the good-to-excellent rating may provide bottom-line support for U.S. soybeans in the short term.