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Increased Tender Activity on World Ag Markets
CHICAGO - Jul 10/06 - SNS -- International agricultural commodity markets are off to a fairly busy start this week, with tender announced in India, Taiwan and Syria for wheat, corn and soybeans.
Traders in the United States are getting ready for Wednesday's crop production and supply-demand updates from the USDA.
Surveys of traders show they are looking for a modest increase in this year's wheat production estimates; while this summer's ending stocks could be reduced from June.
For corn, traders are looking for the USDA to peg 2005-06 ending stock between 1,951 and 2,176 million bushels, with the average guess being 2,104 million, down from last month's 2,176 million bushel estimate. This summer's soybean ending stocks are expected to range between 530 and 576 million, with the average guess being 560 million bushels, down from 570 million in June.
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