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Soybean prices fell on Tuesday, with nearby contracts losing 6 to 8 cents, closing at $10.87 1/4. The cmdtyView national average Cash Bean price decreased by 4 3/4 cents to $10.18 1/4. Soymeal futures were lower by 60 cents to $5.40, and Soy Oil futures fell by 15 to 19 points.
The World Ag Outlook Board released updated WASDE data, maintaining US supply and demand forecasts with projected ending stocks steady at 290 million bushels. Brazilian soybean exports for December are estimated at 3.33 million metric tons, indicating a rise of 0.52 million metric tons from previous estimates.
Additionally, the CFTC Commitment of Traders report showed a significant increase, adding 60,194 contracts to managed money’s net long position, reaching a total of 178,683 contracts—the largest 2-week bull move on record at 143,354 contracts.
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