Quick Overview

• U.S. Trade shortfall of $56.5 billion was less than expected.
  

• The University of Michigan's consumer sentiment index dropped from 80.9 to 75.0 in November, the lowest in two years.
  

• China raised bank reserves to 11.5%. This is the ninth time this year the bank tries to cool an economy that expanded 11.5 % in the third quarter.

• Europe's central banks sold 50 tons of gold in October.
  

• Japan's industrial output rose 2.2%
  
  

• The European Commission reduced its estimate of GDP growth for the Euro area from 2.5% to 2.2% in 2008, they expect 2.1% growth in 2009.
  

• Canada’s trade surplus of C$2.6 billion is the lowest since December of 1998.
  

• The USDA's 2007-20008 U.S. ending stocks estimate of:
  Corn was reduced from 1.997 to 1.897 billion bushels.
  Soybeans were reduced from 215 to 210 million bushels.
  Wheat was increased from 307 to 312 million bushels.
  Sugar was reduced from 1.899 to 1.880 million tons.
  Cotton was increased from 6.40 to 7.60 million bales.
  

• The USDA's 2007-2008 world ending stocks estimate of:
  Corn remained at 110.4 million tons.
  Soybeans were reduced from 50.8 to 49.4 million tons.
  Wheat increased from 107 to 109.8 million tons.
  Cotton was reduced from 55.0 to 54.8 million bales.