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Busier Close to Weekly Ag Trade
CHICAGO - Nov 2/07 - SNS -- Trading activity on international agriculture commodity markets maintained a relatively busy pace into the week end, with easing values stimulating buying after the week started with importers rejecting offers on account of high asking values.
Chicago Board of Trade (CBOT) analysts say cumulative export sales of wheat have reached 84.9% of the USDA forecast compared to 55.0% on average over the last five years. Sales of 151,500 metric tons (MT) per week are needed to reach the USDA estimate.
Cumulative sales of corn have reached 46.6% of the USDA forecast for the entire year as compared to 32.7% on average over the last five years. CBOT analysts calculate sales of 719,700 MT per week are needed to reach the USDA estimate.
The latest reported weekly soybean export sales came in at 740,600 MT, note CBOT analysts. Sales of 316,200 metric MT per week are needed to reach the USDA estimate for the 2007-08 marketing campaign. Soybean meal sales need to average 103,300 MT per week.
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