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Ag Markets Quiet at Mid-Week
CHICAGO - Aug 8/07 - SNS -- International agriculture markets were relatively quiet at mid-week, with limited trading activity reported overnight.
Markets are looking forward to Friday's USDA supply and demand forecasts. Surveys of traders reveal the average corn production guess is 12,909 million bushels, with production ideas ranging between 12,640 and 13,201 million. In July the USDA forecast production at 12,840 million bushels, up from 10,535 million last year.
The average soybean production guess is 2,6353 million bushels, with traders' predictions ranging between 2,550 and 2,722 million bushels. In July the USDA forecast the crop at 2,625 million bushels, down from 3,188 million last year.
Traders are looking for the USDA to peg all wheat production at 2,129 million bushels, with guesses ranging between 2,068 and 2,165 million. In July the USDA forecast production at 2,138 million, up from 1,812 million bushels last year.
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