World Ag Market Demand Improves

CHICAGO - Mar 6/08 - SNS -- International agriculture commodity markets experienced a solid improvement in overnight sales activity, with corn and wheat sales confirmed to South Korea, Japan and Egypt.

The USDA released its latest weekly export sales summary before markets opened today. New soybean sales were lower than expected at 204,600 metric tons (MT) for the week ended February 28, including 1,900 MT of new crop business. The major buyers were the Netherlands at 79,400 MT and Spain at 66,800. Soybean meal sales were at the upper end of trade guesses at 75,900 MT, including 300 MT of new crop business; while soybean oil export sales were within trade guesses at 6,800 MT.

Corn export sales were within trade expectations at 710,400 MT, including 62,300 MT of new crop business. The largest buyers were Japan, South Korea and Mexico.

The latest weekly wheat export sales were below trade expectations at 505,300 MT, including 73,400 MT of new crop business. The largest current crop sale was the 400,000 MT of wheat to Iraq; while Mexico was the most important new crop buyer at 33,900 MT.

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