Markets Watch Indian Import Demand

CHICAGO - May 1/07 - SNS -- International agricultural commodity markets were relatively busy, with markets focussed on a pending wheat tender from India.

The latest USDA crop progress report reveals seeding of this year's corn crop is now 23% complete compared to 11% last week and 48% last year. The 5 year average planting progress for this time of year is 42%. Seeding progress continues to lag trade expectations.

Soybean planting is just getting underway, with the USDA reporting 3% of this year's prospective acreage is in the ground, versus 9% at this time last year and the recent average of 11% complete by the end of April. Progress was within trade expectations.

Spring wheat seeding is more advanced, with 34% of the crop in the ground, up from 14% last week and 39% last year. The average is 45%.

The USDA's crop condition rating for winter wheat saw a modest two points boost in the amount in the good to excellent categories to 56%, well above the 36% in these categories last year. Around 19% of the crop is rated poor to very poor, compared to 21% last week and 38% last year.

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