Imported soybean arrivals remain relatively high, and domestic crushers continue to operate at elevated rates. Coupled with the release of state reserve soybeans, the supply outlook for soybean oil remains ample. On Friday, soybean oil trading volume reached 41,600 tons, down slightly month-on-month. Recent transactions have been mostly forward contracts for deferred delivery. Demand-side pick-up has been slow, and spot transactions remain generally subdued, with crushers primarily executing previously signed contracts. On the domestic demand side, attention should be paid to potential phased improvements in the latter half of the month. Export demand provides support for downside price movements. In the short term, soybean oil prices are expected to fluctuate within a range.