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China May Cut Import Duty on Soybeans

China may temporarily reduce the duty on soybeans to encourage imports.

Many traders and industry officials say there has been much discussion of lowering the duty on soybeans from three percent to one percent for a period of three months. Government departments have been involved in the discussions and are expected to make an announcement soon.

According to an industry official, the move is aimed at keeping domestic bean prices from rising too much. It's unclear as yet whether the three month period of temporary reduction will be from October through December or November through January, but according to traders increased fourth quarter imports are expected even without the reduction of the duty.

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