February 16- Soybean futures took a sharp tumble on Tuesday after reports of cancelled export sales and a potentially larger South American crop. March futures were down 34 ¾ cents, while November dropped 32 ¾ cents. Analysts believe the slides were due to reports that China has canceled some old crop purchases from the U.S. in anticipation of cheaper beans coming onto the market from the soon-to-be harvested South American crop. There was further pressure as Brazil increased its production estimate for the current crop.

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