Soybeans saw Tuesday losses of 6 to 8 cents, with Cash Bean price down to $10.18 1/4. Soymeal futures dropped 60 cents to $5.40, while Soy Oil futures were 15 to 19 points lower. WASDE data remained unchanged in the US, with projected ending stocks steady at 290 mbu.

Global changes were minimal, with South American production steady and world stocks raised by 0.38 MMT to 122.37 MMT. A CFTC report showed managed money net long positions at 178,683 contracts, the largest 2-week bull move on record. Brazilian soybean exports in December are estimated to reach 3.33 MMT.

Jan 26 Soybeans closed at $10.87 1/4, Nearby Cash at $10.17 1/2, Mar 26 Soybeans at $10.98 1/4, and May 26 Soybeans at $11.08 3/4. The Argentina soybean export tax is set to drop 2 points to 24%, with products down 2 points to 22.5%.

Read more at Yahoo Finance: Soybeans Faces Pressure on Tuesday, with Minimal USDA Updates