Ag Markets Relatively Busy

CHICAGO - Mar 1/07 - SNS -- International agriculture commodity markets maintained a fairly busy tone despite general uncertainty on international base commodity and stock markets.

The USDA's weekly export sales report was released before markets opened this morning in the United States. Covering the week ending February 22, new corn export sales totalled 602,700 metric tons (MT) of current and 43,000 MT of new crop for a total of 645,700 MT. But, net sales were just 318,000 of current and 38,600 MT of new crop corn for a total of 356,600 MT, which was below trade expectations. Egypt and Japan were the top two customers at 228,400 and 104,200 MT of current crop corn each respectively.

Soybean sales totalled 439,600 MT of current and 101,000 MT of new crop beans; while net sales came in at 415,500 MT of current and 101,100 MT of new crop for a total of 516,500 MT, slightly above trade expectations. China was the number one customer at 244,600 MT, followed by Mexico at 123,900 MT.

Soybean meal sales totalled 86,400 MT of current and 100 MT of new crop, while sales are destination changes and cancellations came in at just 800 MT of current and minus 4,900 MT of new crop meal. New sales of soybean oil totalled 5,500 MT; while net sales ended up at negative 8,900 MT because of a 10,300 MT cancellation in business to Mexico.

New wheat sales totalled 339,100 MT, while net sales were 321,700 MT of current crop. Nigeria was the most important destination during the week at 114,000 MT, followed by Japan at 80,000 MT.

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