Soybeans are down 5 to 6 cents on Tuesday morning, with futures posting losses of 8 to 11 ½ cents on Monday. Open interest dropped 8,229 contracts, and the Cash Bean price was $10.23. Export Inspections report showed 1.018 MMT of soybeans shipped, with Mexico being the largest buyer.

USDA Export Sales reports showed soybean bookings at 510,554 MT. WASDE data updated with traders looking for 306 mbu in US soybean ending stocks. Argentina economy minister announced a drop in soybean export tax to 24%.

Jan 26 Soybeans closed at $10.93 3/4, down 11 1/2 cents. Mar 26 Soybeans closed at $11.05 3/4, down 10 1/4 cents. May 26 Soybeans closed at $11.16 3/4, down 8 3/4 cents. Early morning announcements affected soybean prices.

Read more at Yahoo Finance: Soybean Losses Continue Ahead of USDA Report