Friday, March 10, 2006

Quick Overview

  • The U.S. government ran a monthly budget deficit of $119.20 billion in February – this is an all-time monthly record. Last years Feb. deficit was 113.9 billion.

  • Canada's unemployment rate improved from 6.6% to 6.4% in February

  • Japan's machinery orders were down 6.2% in January, but up 9.8 YoY.

  • The USDA's 2005-2006 U.S. ending stocks estimate for:
    Corn was lowered from 2.401 to 2.351 billion bushels.
    Soybeans were raised from 555 to 565 million bushels.
    Wheat unchanged at 542 million bushels.
    Sugar was lowered from 1.661 to 1.510 million tons.
    Cotton was lowered from 7.00 to 6.60 million bales.

  • For 2006, the USDA estimates a 5% increase in beef production and a 3% increase in pork production.

  • The USDA reduced its estimate of the Florida orange crop from 158 to 154 million boxes with a projected yield of 1.58 gallons per box at 42.0 degrees Brix.

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