New Year Opens on Busy Note

CHICAGO - Jan 2/08 - SNS -- International agriculture commodity markets opened the new year on a relatively busy note, with fresh import tenders announced by buyers in Pakistan, Egypt and Jordan.

Attitudes toward export prospects for U.S. origin corn were given a boost by China's decision to impose a 5% export tax on corn and taxes ranging between 5% and 25% on wheat, rice, soybean and relevant processed products in 2008.

October US ethanol production measured 452,000 barrels per day, which was up from 441,000 bpd in the previous month and up from 333,000 barrels per day, or 32.4%, in the same month last year. Total ethanol production for October stood at 14.018 million barrels compared to 13.222 million barrels the previous month and compared to 10.308 million barrels last October. Total US ethanol stocks stood at 11.423 million barrels in October compared to 11.509 million barrels the previous month and 9.814 million barrels last year.

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