Markets Quiet in Front of Easter

CHICAGO - Apr 4/07 - SNS -- Agriculture commodity markets were relatively quiet in front of the long four-day Easter weekend, which will see many traders leave their desks across the Americas, Europe and other parts of the world.

Markets are paying closer attention to weather developments in the United States now that early seeding has gotten underway and winter wheat has emerged in many areas.

The U.S. midwest started the week on a damp note, but it looks to turn cold through April 10 "so fieldwork looks very slow in this area. . . . conditions look drier and parts of the southern and eastern Corn Belt could see planting progress," note analysts at the Chicago Board of Trade (CBOT).

"Areas of the south and the southeastern Corn Belt could have better luck, but the general outlook for plantings is looking poor into the middle of the month. However, there is still plenty of time to see all of the intended acres planted if the weather clears for the second half of the month."

CBOT analysts added, "The cold weather outlook for the plains should slow wheat development, and there is concern for frost or light freezing temperatures into the weekend in the Delta which might harm soft red crops . . . Most traders seem to believe that temperatures will need to move under 20 degrees into the plains to cause much damage with talk of 25-30 degree lows into the weekend. Crops in the delta which have reached the heading stage will be vulnerable to losses with a light freeze. "

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