Friday, May 11, 2007

Quick Overview

  • U.S. Producer prices rose 0.7% in April and 3.2% YoY. Excluding food energy, prices were unchanged.

  • U.S. Retail sales in April fell 0.2% MoM and rose 3.0% YoY.

  • Producer prices in China were up 2.9% in April from a year ago, up from a 2.7% gain the previous month.

  • Industrial production in India was up 12.9% YoY.

  • Canada's unemployment rate unchanged at 6.1% in April.

  • The USDA estimates 2007-2008 ending stocks of:
    Corn at 947 million bushels, up from 937 million bushels in 2006-2007.
    Soybeans at 320 million bushels, down from 610 million bushels in 2006-2007.
    Wheat at 2.216 billion bushels, up from 2.087 billion bushels in 2006-2007.
    Sugar at 1.34 million tons, down from 1.72 million tons in 2006-2007.
    Cotton at 6.4 million bales, down from 9.5 million bales in 2006-2007.

  • The USDA's 2007-2008 world ending stocks estimate of:
    Corn is 90 million tons, down from 93 million tons in 2006-2007.
    Wheat is 113 million tons, down from 120 million tons in 2006-2007.
    Cotton at 50 million bales down from 55 million bales in 2006-2007.
  • Even though US corn ending stocks are estimated to be above last year, the stocks to use ratio is likely to be lower, down to 7.6% from 8.1% for 2006/07.

  • The USDA expects U.S. beef production to for 2008 up 6.7%.

  • The USDA expects 2008 pork production to be up 0.8%

  • The USDA estimates the Florida's orange crop at 131 million boxes and juice yield of 1.65 gallons a box at 42.0 degrees Brix.

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