Another day of slow soybean farmer selling in Brazil. The big guys were out of the market for the second day, still analyzing the tax changes and the impacts on their pricing spreadsheet. The changes are already in effect, but the industry’s lobbying efforts to overturn the decree have been intense. For now, crushers are the most impacted, taking $12 to $15 per ton away from their crush margin calculation – margins in Brz were close to breakeven before the change, and now they seems terrible