Cash Quiet, Futures Volatile

CHICAGO - Apr 1/08 - SNS -- International agriculture commodity markets were generally quiet on a cash basis, with considerable attention focussed on the volatility in futures markets following yesterday's USDA seeding intentions and stocks in all positions estimates.

Futures markets were weaker overnight on the Chicago Board of Trade (CBOT) on follow through selling on what traders consider a bearish USDA seeding intentions report, especially for soybeans and wheat.

The USDA's seeding intentions estimates revealed farmers plan to seed more soybeans this year that expected by the trade; while the March 1 stocks in all positions report showed soybean usage was advancing at a slower than expected pace, likely reflecting demand rationing on account of high prices.

May soybeans plunged 70 1/4 cents to finish overnight trade at U.S. $11.27 per bushel. May wheat tumbled 18 1/2 cents to $9.10 1/2. May corn lost 1 1/2 cents to close at $5.65 3/4. Futures markets are expected to soon settle down as the focus returns to seeding and growing conditions.

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