Commodity Markets Finish Week on Busy Note

CHICAGO - Dec 9/05 - SNS -- International agricultural commodity markets finished the week on a relatively busy note, ignoring any uncertainty preceding the release of today's USDA updated supply and demand reports for grains and oilseeds.

The reports were seem as mostly bearish because the USDA was less optimistic than the industry about trade prospects through the balance of the marketing year, calling for larger than expected closing stocks of corn, soybeans and wheat.

The USDA pegged season ending stocks for U.S. corn at 2.419 billion bushels. Trade guesses ranged between 2.169 and 2.4 billion bushels, for a 2.347 billion bushels average. World ending stocks for the 2005-06 season were revised higher to 118.73 million metric tons (MT) from 114.21 million MT from last months report and from 126.63 million MT this past year.

The USDA pegged domestic soybean ending stocks at 405 million bushels. Trade expectations ranged between 365 and 450 million bushels, for a 392 million bushels average. Ending stocks last year were 256 million. Exports were revised lower by 55 million bushels. Soybean oil stocks were pegged at 2.329 billion pounds from 1.891 last month and 1.699 billion last year. World ending stocks for the 2005-06 season were pegged at 48.11 million MT from 46.75 million MT last month and from 42.09 million MT this past season.

The USDA pegged ending stocks for the 2005-06 season at 530 million bushels. Traders were expecting the number to fall between 501 and 530 million bushels, with the average guess coming in at 523 million. The stocks estimate is unchanged from the November estimate and compares with 540 million last year and 546 million two years ago. World wheat ending stocks were pegged at 143.35 million MT as compared with 139.53 million MT last month and 149.18 million MT last year.

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