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Markets Busy in Front of USDA Reports
CHICAGO - Aug 9/07 - SNS -- International agriculture commodity markets remain busy in front of tomorrow's USDA crop production and supply-demand forecasts, with a good volume of business finalized to Morocco, Egypt and Japan.
Surveys of traders reveal they expect the USDA to peg corn ending stocks for the 2007-08 marketing year at 1,463 million bushels, with guesses ranging between 1,168 and 1,802 million. Last month the USDA forecast ending stocks would reach 1,502 million bushels, up from an estimated 1,137 million this year.
The average guess for the coming season's wheat ending stocks is 415 million bushels, with guesses ranging between 365 and 544 million bushels. Last month the USDA's forecast stocks would end up around 418 million bushels a year hence.
Trade surveys show the industry is looking for the USDA to lower forecast ending stock from 245 to 238 million bushels for the coming season, well below this summer's forecast residual supply of 600 million bushels. Trade guesses range between 170 and 295 million bushels.
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