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Markets Surprised by Some USDA Numbers
CHICAGO - Nov 9/07 - SNS -- International agriculture commodity markets finished the week's trading on a relatively quiet note, with markets looking toward the latest USDA crop production estimates for direction.
The USDA released its latest crop production estimates before markets opened this morning. The soybean estimate was went the opposite direction to that expected by the trade. Surveys prior to the release of the report revealed they were looking for the USDA to 2.589 top 2.606 billion bushels, with guesses ranging between 2.573 and 2.662 billion. Instead, production was reduced to 2.594 billion bushels.
Traders were looking for the latest corn production estimate to be reduced from 13.318 billion to 13.261 billion bushels, with guesses ranging between 13.083 and 13.485 billion bushels. The USDA's reduction was larger, with the crop now estimated at 13.168 billion bushels.
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