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Little Change in USDA Outlooks
CHICAGO - Mar 9/07 - SNS -- Agriculture commodity markets were given little to chew on by the latest USDA supply and demand updates, as only minor changes were made to the outlooks for most products.
Released before futures markets opened in the United States today, the USDA differed from pre-report surveys, which found traders expecting increased ending stocks for corn and wheat, and a lower stock forecast for soybeans.
Instead, there was no change in the USDA's corn ending stock estimate for 2006-07. It was left at 752 million bushels, below the average trade guess of 763 million, with guesses ranging between 748 and 802 million bushels.
The USDA left its forecast wheat ending stock unchanged at 472 million bushels, versus the average trade guess of 473 million, with guesses ranging between 456 and 497 million bushels.
Soybean ending stocks were also left unchanged at 595 million bushels, above the average pre-report trade guess of 589 million, with guesses ranging between 565 and 600 million bushels.
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