Trading Tempo Improves

CHICAGO - May 8/07 - SNS -- The was a modest improvement in trading interest overnight, helped by the return of Japan's regular weekly wheat import tenders.

Yesterday's USDA crop progress report revealed 53% of the corn crop has now been planted, up from 23% last week, but down from 67% at this time last year and the recent average of 57%. "Parts of the western Corn Belt should see planting delays but a bulk of the Midwest looks to get planted on time," note analysts at the Chicago Board of Trade (CBOT).

As of Sunday, Iowa was 53% planted from 72% normal, Nebraska was 40% complete from 58% on average and South Dakota was 30% complete from 41% on average.

Soybean planting is advancing a little slower than expected by traders, with the USDA reporting 10% in the ground, down from 17% last year and below the recent 10-year average of 19% complete by the opening week of May.

Spring wheat seeding is 68% complete, up from 34% last week and 55% last year. It is also ahead of the recent 10-year average of 515% in the ground by this time of year.

Winter wheat crops are rated 56% good to excellent compared to 54% last week and 36% last year. The percentage of the crop rated poor to very poor is 19%, down from 21% last week.

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