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Markets Readying for USDA Reports
CHICAGO - Sep 11/07 - SNS -- International agriculture commodity markets remain relatively busy overnight, though many market participants are looking toward tomorrow's USDA crop production report and updated supply-demand estimates for near term price direction.
The latest USDA weekly crop progress report showed this year's winter wheat crop is now considered 6% planted, down from 8% at this time last year and bellow the recent 10-year average of 9%.
This years corn harvest in the United States is now 8% complete, ahead of last year's 5% progress rate for this time of year. Crops remain in excellent condition,l with 61% rated good to excellent, compared to 59% last year, with the 10 year average for this time of year seen at 57%.
Soybean crops are also in good shape, with the USDA rating 56% good to excellent, compared to 60% at this time last year and the recent 10-year average of 54%.
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