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Pending USDA Reports Factor in Markets
CHICAGO - Mar 8/06 - SNS -- International agricultural commodity markets were relatively quiet overnight, with little fresh business reports.
Attention in markets is starting to focus on Friday's USDA supply and demand reports, with market participants trying to guess that the USDA is thinking.
In the case of corn, traders expect season ending stocks to come in near 2.334 billion bushels (range 2251-2401) as compared with last months estimate at 2.401 billion bushels. Guesses range between range 2.251 and 2.401 billion bushels and seem to clash with concerns of a big crops and reduced demand because of bird flu.
The average trade guess for soybean ending stocks is 563 million bushels, with guesses ranging between 555 and 584 million, versus last month's USDA forecast of 555 million bushels.
On average, traders expect the wheat stock forecast to come in at 543 million bushels, compared to 542 million bushels last month. Guesses range between 538 and 550 million bushels.
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