Soybeans, corn retreat

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CHICAGO- US soybean and corn futures on Friday fell from multi-month highs after Argentina said it would lower grain export taxes, fueling expectations the United States will face tougher competition for sales on the global market.

Wheat futures also eased as the tax cut was seen encouraging Argentine farmers to sell more crops, while lower-than-expected US wheat export sales also weighed on prices.

The most-active corn contract on the Chicago Board of Trade (CBOT) settled down 3-1/4 cents at $4.86-1/2 a bushel after hitting its highest in over a year on Thursday.

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CBOT soybeans settled down 9-3/4 cents at $10.55-3/4, after hovering near a six-month peak on Thursday, while CBOT wheat settled down 10 cents at $5.44 a bushel.

Agricultural powerhouse Argentina said after trading ended on Thursday it would lower taxes on its grain exports from Monday until June, spanning Argentina’s prime harvest time for corn and soybeans.

“This will keep Argentina as a significant export competitor,” Randy Place, analyst at Hightower Report, said.

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