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Markets Busy Before USDA ReportsCHICAGO - Nov 8/07 - SNS -- International agriculture commodity markets maintained their relatively busy tone in front of tomorrow's USDA crop production and updated supply and demand forecasts, with Turkey and Japan finalizing tenders to buy wheat and corn. The USDA released its weekly export sales summary before markets opened. The soybean export figures were at the upper end of pre-report estimates, totalling 614,500 metric tons (MT). Soybean meal sales were within trade expectations at 211,000 MT of current crop and 300 MT of new crop for a total of 211,300. Soybean oil sales were also within expectations at 7,300 MT. Weekly corn export sales were higher than expected at 1,502,200 MT of current and 42,800 MT of new crop, for a total of 1,548,000. Markets were shocked by the weekly sales figures for wheat. The USDA pegged the total at 14,600 MT, which was well below trade expectations between 350,000 to 550,000. Subscribers can read the full text of the article by Clicking here
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