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Soybean futures are mostly 4 to 5 1/2 cents lower this morning after small losses on Friday following a disappointing weekly USDA export sales report for soybeans. The Chinese cancellations were confirmed, but they are are also still buying. Outstanding export sales (unshipped to date) for China are still 4.97 MMT. US bean export commitments already total 92% of the full year forecast. That compares to 95% last year, but the 5 year average is 87%. Managed money deserted soybeans in the CFTC reporting week ending January 15, with a net change of 22,059 to the short side, leaving the spec category short 7,539 contracts. Index funds also reduced their long position by a more modest 682 contracts, leaving them long by almost 86,700.