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Soybean futures are fractionally higher this morning, following the Tuesday trade in which prices closed steady to around a penny lower. The idea that Argentine farmers will sell soybeans that they had been holding off the market is one the market has been considering for some time. The USDA estimated that Argentine soybean production will reach 57 MMT in 2015/16, the second largest on record for the country, below 2014/15 production of 60.8 MMT. Data from the International Grains Council shows that US soybean export spot prices were equal to those of Argentina, at $347/ton (2014 at this time: US:$424/ton, ARG:$452/ton).