Ag Markets Busy Before USDA Reports

CHICAGO - Jan 10/07 - SNS -- Activity on international agricultural commodity markets is starting to improving in front Friday's final crop production estimates for 2006 and its first quarterly stocks in all positions report for the 2006-07 marketing year.

Attention in markets is starting to center on speculation as to the USDA's final production estimates for 2006. Traders are looking for the soybean production level to range between 3,204 and 3,310 million bushels, with the average guess coming in at 3,241 million bushels, up from December's 3,204 million bushels estimate.

Quarterly soybean stocks are expected to range between 2,721 and 2,798 million bushels, with the average guess being 2,752 million.

Corn traders expect the final 2006 production estimate to range between 10,640 and 10,745 million bushels, with the average guess being 10.699 million. Quarterly corn stocks are expected to range between 8,900 and 9,200 million bushels, with the average guess being 9,068 million.

Friday's report is expected to show total winter wheat are between 43.5 and 46 million acres, with the average guess being 44.118 million acres, up from 40.6 million last year. Traders are looking for 32 million acres of hard red, 78.98 million acres of soft red and 4.133 million acres of white wheat.

Quarterly wheat stocks are expected to range between 1,287 and 1,345 million bushels, with the average guess being 1,315 million bushels.

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