Friday, February 24, 2006

Quick Overview

  • Durable goods orders dove 10.2% in January from the previous month for the biggest drop in six years, led by a decline in commercial aircraft, the Commerce Department said Friday. Excluding transport, orders were up 0.6% on the month.

  • The U.S. economy can cope if the Federal Reserve makes a "mistake" (they usually do) and raises interest rates too high, one of its top policy-makers said on Friday, in remarks implying he did not fear delivering more rate hikes.

  • Brazil's economy posted a tepid fourth-quarter recovery after a third-quarter slump, ending the year on a weak note that slowed full-year 2005 economic growth to 2.3 percent, less than half that of the year before.

  • The USDA said there were 12.110 million head of cattle on feed on February 1st, up 6.8% YoY. Placements in January were up 16% YoY. Marketing’s were up 2%.

  • The USDA estimated this week's beef production at 443.4 million pounds, up 2.8% from a year ago. The USDA estimates pork production at 395.9 million pounds, down 0.2% from YoY.

  • The Florida Citrus Processors said there were 92.7 million gallons of frozen orange juice concentrate in inventory on February 18th, down 35% YoY.

  • London copper inventories are at 109,225 tons.

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