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What direction will the markets take?

В каква посока ще поемат пазарите?

Markets in the latter have shown hesitant developments, and traders are waiting for a number of government reports due to be published by the end of the week.

The data includes the US Department of Agriculture's (USDA) monthly supply and demand report, CONAB Brazil's monthly corn and soybean production forecasts and Statistics Canada's grain stocks report.

"The focus will be on soybean production forecasts in Brazil and Argentina," said a trader in Singapore.

"The soybean crop in Brazil has suffered and production is likely to decrease compared to what was previously estimated, but we expect a huge yield in Argentina. Overall, the market will be well supplied.”

Brazilian farmers have planted 27% of the area expected to be occupied by second-crop maize in the central-south region. That's the fastest pace since 2013, agribusiness consultancy AgRural said on Monday.

Russian wheat export prices continued to decline last week, still under pressure from oversupply, while supplies rose to a four-month high after better weather at ports, analysts said.

The price of Russian wheat with 12.5% ​​protein scheduled for free delivery (FOB) in March was $228 a tonne, down $7 a tonne from the previous week, agricultural consultancy IKAR said.

Wheat and soybeans in Chicago rose on Tuesday, correcting positions ahead of key reports, although they traded near the previous session's level, which was the lowest in more than three years, on expectations of a large global supply.

The U.S. Department of Agriculture said Monday that weekly export checks showed U.S. soybeans exported last week were 1,426,472 tons, well above trade expectations — but below the volume at the same time last year.

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