Soybeans Faces Pressure on Tuesday, with Minimal USDA Updates

Group 1 - Soybeans experienced losses of 6 to 8 cents in nearby contracts, with the national average cash bean price down by 4.75 cents to $10.18 1/4 [1] - Soymeal futures fell by 60 cents to $5.40, while Soy Oil futures decreased by 15 to 19 points [1] - The WASDE data update showed no adjustments on the US side, with projected ending stocks remaining steady at 290 million bushels [2] Group 2 - Global soybean production in South America remained steady, with world stocks increased by 0.38 million metric tons to 122.37 million metric tons [3] - The CFTC Commitment of Traders report indicated an addition of 60,194 contracts to the managed money net long position, totaling 178,683 contracts, marking the largest two-week bull move on record [3] - Brazilian soybean exports for December are estimated at 3.33 million metric tons, which is 0.52 million metric tons above previous estimates and 3.3 million metric tons higher than the same month last year [4] Group 3 - Argentina's economy minister announced a reduction in the soybean export tax by 2 points to 24%, with product taxes decreasing to 22.5% [4] - January 26 Soybeans closed at $10.87 1/4, down 6.5 cents, while nearby cash was at $10.17 1/2, also down 6.5 cents [4] - March 26 Soybeans closed at $10.98 1/4, down 7.5 cents, and May 26 Soybeans closed at $11.08 3/4, down 8 cents [4]