Quiet Tone in World Ag Markets

CHICAGO - Mar 13/08 - SNS -- International agriculture commodity markets maintained a relatively quiet tone on cash markets overnight, while futures were mixed in the face of speculative buying of oilseeds and profit taking on wheat.

The USDA released its latest weekly export sales summary before markets opened today. Corn exports for the week ending March 6 were much higher than expected at 1.226 million metric tons (MT), including 457,200 MT of new crop business. Mexico was the most important destination at 173,400 MT, followed by Japan at 162,500 MT; South Korea at 135,100 MT; the Dominican Republic at 95,900 MT; and Colombia at 87,100 MT.

Soybean export sales were in the middle of trade expectations at 257,600 MT of current and 123,900 MT of new crop business for a total of 381,500 MT. Mexico was the most important destination, taking 142,200 MT, followed by China at 71,100 MT. Soybean meal sales were higher than expected at 149,900 MT; while soybean oil sales were higher than expected at 29,100 MT.

Wheat export sales were within trade expectations at 210,100 MT of current and 213,100 MT of new crop business for a total of 423,200 MT.

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