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Livestock and poultry producers delayed purchases in the hopes soymeal prices decline in the wake of the USDA data, which is expected to show bigger year-on-year US soybean stockpiles in the agency's first forecast for the 2017-18 marketing year, which begins on Sept. 1.
Some soybean processing plants lifted their bids to buy soybeans because of light soybean sales by farmers and to capitalize on profitable crush margins.
Chicago Board of Trade July soymeal was up $1.70 to $320.20 per ton at 9:56 a.m. CDT (1456 GMT).