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Ag Markets Open Week on Busier Note
CHICAGO - May 8/06 - SNS -- World markets are starting the week on a busier note, with several tenders announced over the weekend and Iraq starting to look at offers on recent tenders to buy wheat and rice.
Markets are also closely watching the developing crop story in the United States. Corn seeding is expected to show at around 75% complete in today's crop progress reports from the USDA, while soybean seeding could be 25% complete.
Concern remains about the status of the U.S. wheat harvest. The Kansas crop tour pegged state production at 319.2 million bushels, below trade guesses between 320 and 360 million bushels. Private forecasters are reflecting the results in their estimates, with one predicting this year's harvest would reach 1.298 billion bushels, down from 1.499 billion last year.
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