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World Ag Market Quiet at Mid-Week
CHICAGO - Mar 7/07 - SNS -- International agriculture commodity markets were relatively quiet at mid-week, with few major trades reported outside a government to government rice sale between Thailand and Iran.
The USDA will update its supply and demand forecasts for the coming marketing year on Friday. Surveys of traders reveal they expect the USDA to increase this season's forecast ending stocks for corn and wheat, while lowering then for soybeans.
For corn, traders expect stocks to range between 748 and 802 million bushels, with the average guess being 763 million, up from last month's USDA forecast of 752 million bushels.
For wheat, traders expect stocks to range between 456 and 497 million bushels, with the average guess being 473 million, up from last month's USDA forecast of 472 million bushels.
For soybeans, traders expect stocks to range between 565 and 600 million bushels, with the average guess being 589 million, down from last month's USDA forecast of 595 million bushels.
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