Ag Markets Maintain Busy Tone

CHICAGO - Aug 7/07 - SNS -- International agriculture commodity markets maintained their busy tone in overnight trading against wheat purchases by Egypt and tender announcements from that country and Japan.

The USDA's weekly corn conditions report rated 56% of the crop good to excellent, down from to 58% last week and 57% last year. The 10 year average for this time of year is 62%. Minnesota crop conditions slipped to just 25% good to excellent from 30% last week.

Soybean crop conditions also inched lower during the past week, with the percentage of fields rated good to excellent slipping two points to 56%. The 10 year average for this time of year is 58%. Crops slipped 1% in Ohio and Iowa but improved in Minnesota. Now, 41% of the Minnesota crop is rated good to excellent as compared with 38% last week.

This year's winter wheat harvest is now 94% complete, just ahead of the recent five-year average of 91% complete by the first week of August. The spring wheat is now 29% complete, well ahead of the recent average of 21% for this time of year.

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