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Markets Busily Await USDA Updates
CHICAGO - Sep 10/07 - SNS -- International agriculture commodity markets opened the week's trading on a busy note, with a good volume of business concluded over the weekend for wheat, barley and rice.
Markets are also focussed on Wednesday's USDA crop report. Surveys of traders reveal they expect the USDA to boost forecast output from 13.054 billion to 13.123 billion bushels, with guesses ranging between 12.767 and 13.416 billion. Corn ending stocks are forecast at 1.542 billion bushels, with guesses ranging between 1.18 and 1.83 billion.
In the case of soybeans, trade surveys reveal they expect the USDA to lift its soybean production estimate from 2.625 to 2.649 billion bushels, with guesses ranging between 2.581 and 2.74 billion. Traders expected ending stocks to be reduced from 220 to 212 million bushels, with guesses ranging between 81 and 280 million.
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