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Markets Off to Quiet Start
CHICAGO - Jul 9/07 - SNS -- International agriculture commodity markets are off to a relative slow start this week, with markets looking for weather developments in the United States to take some of the edge off futures markets this week.
Looking at the export outlook for the balance of the marketing year, Chicago Board of Trade (CBOT) analysts note that soybean exports have now exceeded the USDA's forecast for the 2007-08 marketing year by 2.1%. There is still a way to go for meal exports, which need to average 84,100 metric tons (MT) per week to reach the USDA's estimate for the 2006-07 marketing year.
Cumulative export sales of corn have now reached 97.1% of the USDA forecast for the entire season as compared to 90.4% on average over the last five years.
Cumulative wheat export sales have reached 23.7% of the USDA forecast for the 2007-08 season, as compared to 21.3% on average over the last five years. Sales of 431,500 metric ones per week are needed to reach the USDA estimate.
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