iNVEZZ.com Wednesday, July 10th: After soaring in the prior trading session, grain futures edged down today, as investors looked ahead to the U.S. Department of Agriculture’s (USDA) report on U.S. and global grain supplies, to be released tomorrow. Traders also monitored some weak Chinese trade data which took the steam out of the market rally today.
China's exports fell 3.1 percent last month, the first year-on-year decline in 17 months, and the biggest since October 2009, data from the General Administration of Customs in Beijing showed today. Imports fell by 0.7 percent, following a 0.3 percent drop in May. The data was the latest in a series, from bank lending to manufacturing activity, to indicate economic weakness, sparking speculation that China may for the first time in 15 years miss its growth target of 7.5 percent.
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