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Agriculture Markets Slow in Front of USDA Reports
CHICAGO - Feb 8/06 - SNS -- International agricultural commodity markets were less active in front of tomorrow's updated USDA supply and demand projections for major grains and oilseeds.
Markets are looking for the USDA to lower projected corn ending stocks in the United States from 2.426 to 2.389 billion bushels because of increased domestic use; modestly decrease projected wheat residuals from 542 million to 536 million bushels; but to increase forecast residual supplies of soybeans from 505 to 534 million bushels.
If correct, these anticipated changes may not have much impact on markets. Soybeans are more worried about weather conditions in South America; wheat is correcting an overbought condition; while corn might manage a short term correction on the news, after Monday's reversal and yesterday's follow-through to the downside.
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