Slow U.S. Seeding Worries Markets

CHICAGO - May 6/08 - SNS -- International agriculture commodity markets remain relatively quiet against worries about the status of crop seeding in North America and ordinary price rationing in a broadening range of commodities.

Yesterday's weekly USDA crop progress report showed corn seedings now sit at 27% complete, compared to 45% last year and the recent 10-year average of 52%. Chicago Board of Trade (CBOT) analysts note the highest percent complete was 69% in 2004, while the lowest was 9% in 1984. Rapid planting progress was seen in eastern Illinois along with Indiana and Ohio. Wisconsin remains the farthest behind among second-tier producing states at only 4% planted, while Iowa is the lagger among bigger states at only 18% planted versus 57% as the 10-year average and 42% last year.

Soybean seeding is just getting underway, with 5% of this year';s intended crop now in the ground, compared to 8% at this time last year and the 10-year average of 18% complete by the first week of May. The highest percent complete was 58% in 1998, while the lowest was 4% in 1986.

Spring wheat planting as advancing at the same p[ace as last year, with 58% of the crop now in the ground, just ahead of the recent 5-year average of 55%. The USDA said winter wheat crop conditions are mixed, with 47% of the crop rated good-to-excellent compared to 57% last year and a 5-year average of 54%; and 22% of the crop rated poor-to-very-poor.

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