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World Ag Markets Quieten
CHICAGO - May 10/06 - SNS -- International agricultural commodity markets were quiet at mid-week, with little fresh business reported as markets wait for results on tenders announced earlier in the week.
Markets are starting to focus attention on what might be contained in Friday's USDA crop report and updated supply and demand forecasts.
Surveys of traders reveal they are looking for the USDA to reduce projected corn ending stocks, but modestly increase forecast numbers for soybean and wheat above the April estimates.
In the case of corn, traders expect the USDA ending stock forecast to range between 2,131 and 2,325 million bushels, with the average pre-report guess being 2,265 million bushels, versus 2,114 million last year.
Soybean stocks are expected to range between 555 and 585 million bushels, with the average trade guess being 568 million bushels, versus 256 million last year. Wheat ending stocks are forecast between 515 and 542 million bushels, with the average guess being 535 million bushels, versus 540 million last year.
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