World Ag Markets Fairly Busy

CHICAGO - May 10/07 - SNS -- International agricultural commodity markets were moderately busy overnight, with Japan buying wheat on its first weekly tender this month and Egypt announcing a vegetable oil import tender.

The USDA released its latest weekly export sales summary before markets opened this morning. The export numbers for wheat for the week ending May 3 were within trade expectations at 185,000 metric tons (MT) of current and 75,400 MT of new crop sales. Major buyers included South Africa at 38,700 MT; Taiwan at 31,800 MT; and the Philippines for 29,000 MT of new crop and Nigeria at 23,100 MT of new crop wheat.

Soybean export sales were lower than expected at 204,200 MT. Major buyers include China, taking 116,100 and Taiwan, taking 47,400 MT.

Weekly corn export sales were just below trade expectations at 543,300 MT, including 19,300 MT of new crop business. Japan and Taiwan were the most important destinations for the week.

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