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With default settings, LibRaw

With default settings, LibRaw makes these adjustments on processing (dcraw_process()), very similar to dcraw processing:
0) Black level subtracted
1) White balance applied
2) Camera color profile applied
3) Range adjusted to 1% of pixels set to saturation

All these adjustments can be turned off via imgdata.params.* tuning

-- Alex Tutubalin @LibRaw LLC