Monday, September 17, 2007

Quick Overview

  • The New York Fed regional manufacturing index fell from 25.1 to 14.7 in September.

  • Mortgage lender Northern Rock fell to seven year low-- customers continue to withdraw savings following a bale-out by the Bank of England.

  • An early freeze across the upper Midwest on Saturday may have hurt soybeans. The cold snap drove temperatures to record lows of 24 degrees in some sections of Wisconsin, and 28-32 degrees across much of northern Iowa. This may cut 10 million to 15 million bushels from 2.6 billion bushels the USDA forecast.

  • Australia’s Bureau of Agricultural and Resource Economics cut its wheat harvest forecast to 15.5 million metric tons in the harvest starting October. This compares to its June estimate of 22.5 million tons.

  • Reports this morning talk of significant crop decline in major growing regions of China because of severe drought.

  • Arabica Coffee futures rose to a one-month high. Traders expect tighter supplies ahead of the Vietnam harvest.

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