Markets Quiet In Front of USDA Reports

CHICAGO - May 11/06 - SNS -- Agricultural commodity markets remain relatively quiet in front of Friday's updated supply and demand and crop production reports from the USDA.

Otherwise, North American markets are paying close attention to the developing weather story. Wheat futures experienced some overnight weakness on doubts cold weather overnight hurt crops in Kansas or Nebraska, though damage is considered likely in Colorado.

Corn futures were helped by forecasts the western Corn Belt will remain dry and cold for the next three to five days, while Illinois and Indiana stay cold with one to three inches of rain, which should delay plantings and slow early growth.

For soybeans, wet weather in the U.S. Midwest is expected to slow seeding activity. Meanwhile, Brazilian producer protests are expected to boost short term demand for U.S. soybeans. Analysts at the Chicago Board of Trade report, "Stocks of soybeans at Brazil's main port of Paranagua in public storage fell this week, after producers blocked roads and railways for the export pipeline in protest of low prices."

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