CBOT soybean futures closed lower as the market focused on the outlook for U.S. agricultural exports. According to reports, the "Busan Agreement" trade truce, originally set to expire on November 10, 2026, has been extended to January 10, 2027. This move provides the market with a temporary policy buffer, but uncertainty remains over whether a larger-scale trade cooperation can be reached, and policy expectations have not yet fully materialized. The U.S. soybean harvest is proceeding normally, while soybean planting in Brazil varies across major production regions, with progress in rainfed areas of Mato Grosso limited by insufficient moisture. On the demand side, Chinese purchasing expectations are the core variable. Since September, the USDA has repeatedly confirmed sales to China, but sustainability remains in doubt, and U.S. soybeans are not particularly competitive in value for money versus Brazilian soybeans. CBOT soybean futures have already priced in part of the trade optimism.