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Uncertainty Backgrounds World Ag markets
CHICAGO - Oct 10/06 - SNS -- International agriculture commodity markets were moderately busy overnight, with traders wondering more about Thursday's USDA reports and the impact of North Korea's nuclear bomb test will have on the cost of transporting grain and on the U.S. dollar.
Markets are starting to spend more time wondering about the content of Thursday's updated supply-demand and crop production estimates from the USDA. Surveys of traders reveal the average guess for nest summer's wheat ending stock is 435 million bushels, with guesses ranging between 414 and 460 million. Last month;s USDA forecast was 429 million bushels.
The average pre-report guess for nest year's corn ending stocks is 1.216 billion bushels, based on a range between 1.139 and 1.300, versus last month's 1.220 billion bushels forecast.
In the case of soybeans, the average ending stock guess is 580 million bushels, with ideas ranging between 521 and 671 million bushels, versus last month's USDA forecast of 530 million.
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