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Soybean prices are down 5 to 6 cents, with the cmdtyView national average Cash Bean price at $10.18 1/4, down 4 3/4 cents. Soymeal futures are down $3.50 to $4.00, and Soy Oil futures are 25 to 30 points lower. The WASDE report released on Tuesday revealed no adjustments to US data, with projected ending stocks steady at 290 million bushels.
Brazil’s estimated soybean exports for December are 3.33 million metric tons (MMT), up 0.52 MMT from previous estimates and 3.3 MMT more than the same month last year. Meanwhile, Argentina’s economy minister announced a reduction in the soybean export tax by 2 points to 24% and a decrease in product tax to 22.5%.
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