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Low Level of Activity on Agriculture Market
CHICAGO - Mar 2/06 - SNS -- Agricultural commodity markets are maintaining a relatively low level of activity as they enter the last half of weekly trading.
Ongoing business continues, but there was an absence of major new transactions. This allowed commodity futures markets to focus attention on technical as well as fundamental factors, leaving wheat, corn and soybeans vulnerable to short term weakness.
Market bears were helped by continued optimism about crop prospects in Argentine. That country's Agriculture Secretariat is projecting a record high soybean crop between 38.5 to 40.0 million metric tons (MT) as compared with the current USDA estimate of 40.5 million MT.
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