CBOT Soybean Futures fell, with the benchmark November contract dropping 3 cents to 1,174.5 cents/bushel. The decline was mainly driven by two factors: first, statements from Qatari and U.S. officials boosted hopes for a diplomatic resolution to the issue of oil transportation through the Strait of Hormuz, leading to a sharp drop in international crude oil prices, which in turn dragged soybean futures lower; second, weather forecasts indicate that most of the Midwest will receive regular rainfall and mild temperatures in the first half of August, a period when soybeans are in the critical pod-filling and grain-filling growth stage, and the rainfall expectations are positive for yield prospects.