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Focus Switching to USDA Reports
CHICAGO - Nov 8/06 - SNS -- Agriculture commodity markets were relatively quiet in the run up to tomorrow's updated USDA crop production and supply and demand forecasts for the 2006-07 marketing year.
Surveys of traders reveal they expect the USDA to lower its corn production forecast 63 million bushels to 10,842 million; while reducing projected ending stocks for the 2006-07 season by 72 million bushels from last month's estimate to 924 million bushels.
Soybean production is expected to come in at 3,237 million bushels, up 48 million from the October report. Ending stocks for the 2006-07 season are expected to come in near 584 million bushels, up 29 million from last month.
All wheat ending stocks are expected to come in at 424 million bushels, up from last month's 418 million bushel estimate.
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