On the external front, CBOT November soybean futures continued to trade firmly at elevated levels. U.S. soybeans are in their critical grain-filling stage, with persistent drought stress in northern production areas and below-average crop condition ratings. These factors, combined with confirmed soybean export bookings to China and stronger crude oil prices boosting biofuel demand expectations, have provided sustained cost-side support. Short-covering by funds has further helped the external market maintain its resilience. Meanwhile, the White House is advancing discussions on small refinery biofuel blending exemptions, with the EPA expected to reach a decision by the end of August. The market continues to weigh the potential impact of this policy on agricultural commodity demand.