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Ag Markets Busier
CHICAGO - Apr 12/07 - SNS -- Agriculture commodity markets were fairly busy overnight, with business in corn and wheat reported to Taiwan, South Korea and Japan; while sugar markets were busy on tender news from Iraq, Libya and Tunisia.
On a negative note, rotating strikes started yesterday at Canada's CN rail. The February walk-out by CN Rail conductors disrupted agricultural exports from Vancouver. A new round of problems will interfere with Canada's ability to meet shipping deadlines on sales commitments.
The USDA released its weekly export sales summary before markets opened today. Corn sales were higher than expected at 1,325,600 metric tons (MT) of current crop and 181,400 MT of new crop for a total of 1,507,000.
Wheat export sales were also higher than expected at 693,300 MT of current crop and 115,400 MT of new crop for a total of 808,700.
Soybean sales were lower than expected at 137,000 MT of current and 6,300 MT of new crop beans for a total of 143,300. Meal sales were better than expect at 172,500 MT of current and 48,600 MT of new crop product for a total of 221,100. There was no surprise in the soybean oil export totals of just 3,400 MT.
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