Ag Markets Finish on Fairly Quiet Note

CHICAGO - Apr 7/06 - SNS -- Cash markets for agricultural commodities are finishing the week on a relatively quiet note, though good levels of business continue to be reported in the background.

This was underscored by Friday's news from the USDA that exporters in the United States sold 1,752,000 metric tons (MT) of soybeans for delivery to China during the 2006-07 marketing year. Exporters there also reported selling 208,900 MT of corn for delivery to Mexico. Of the total, 101,500 MT is for delivery during the 2005-06 marketing year and 107,400 MT is for delivery during the 2006-07 marketing year.

In releasing information about the business, the USDA said exporters in that country are required to report to USDA any export sales activity of 100,000 MT or more of one commodity, made in one day to one destination, by 3:00 p.m. Eastern time on the next business day following the sale. Export sales of less than these quantities must be reported to USDA on a weekly basis.

Markets were also helped by a surge in gold and other commodity markets. That sparked renewed buying interest in corn and soybeans yesterday. Corn was also helped by a jump in gasoline prices. As gas becomes more expensive, ethanol profits and demand increase.

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