Markets Develop Quieter Tone

CHICAGO - Jul 24/08 - SNS -- International agriculture commodity markets were relatively quiet, with little fresh business reported overnight.

The USDA released its latest weekly export sales summary before markets opened today. Soybean sales were higher than expected at 735,400 metric tons (MT), including 183,000 MT of current crop and 552,400 MT of new crop business during the week ending July 17. The most important buyer of new crop soybeans was Taiwan at 410,000 MT, followed by Mexico at 23,000 and Ukraine at 2,500 MT. Soybean meal sales were at the upper end of trade expectations, totalling 168,300 MT; while soybean oil sales were at the low end of trade forecasts, coming in at 19,800 MT.

Wheat export sales totalled 610,400 MT for delivery in 2008-09. Mexico was the most important destination, taking 153,100 MT, followed by Egypt at 114,700; Sri Lanka at 55,00 and Korea at 53,500 MT.

Corn export sales included 323,500 MT of current and 499,600 MT of new crop business for a total of 823,100 MT. Japan was the most important new crop customer at 294,600 MT, followed by Colombia at 24,400; Canada at 23,800 and Mexico at 22,100 MT.

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