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Farmers and processors tracked the uptick in Chicago Board of Trade (CBOT) soybean meal futures, helped by soybeans that recovered from Tuesday's US Department of Agriculture (USDA) monthly supply/demand report.
USDA forecast soybean 2017-18 ending stocks at 445 million bushels, up 20 million bushels from its November outlook. It lowered its oilseed export forecast by 25 million bushels and raised seed usage by 5 million bushels.
At 12:55 p.m. CST (1855 GMT), CBOT January soymeal futures were up $1.30 at $326 a ton.