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Modest Activity in World Ag Market
CHICAGO - Jul 11/06 - SNS -- Agricultural commodity markets remained fairly active overnight, with Taiwan buying Brazilian soybeans and Morocco setting tender dates to buy wheat and a small quantity of barley.
Even so, futures markets are showing some volatility as traders position themselves in front of tomorrow's crop production and updated USDA supply and demand reports.
Weekly wheat export inspections came in at just 8.33 million bushels as compared with 12-17 million bushels expected. Cumulative shipments have reached 7.9% of the USDA forecast for the season as compared with 9.4% on average for this time of the year.
Corn export inspections came in at just 32.78 million bushels as compared with 40-43 million bushels expected. Cumulative shipments have reached 81% of the USDA forecast for the season as compared with 67.2% on average for this time of the year.
Weekly soybean export inspections came in at just 5.19 million bushels as compared with 6-11 million bushels expected.
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