Quick Overview

• Bernanke said “We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks.''
  
  

• The U.S. Commerce Department said that wholesale sales rose 2.2% in November.
  

• The U.S. Labor Department said jobless claims were down 15,000 to 322,000.
  

• Russia's inflation rate rose to 11.9 percent in 2007.
  

• The Bank of England kept its key lending rate unchanged at 5.50%.
  

• The European Central Bank kept its interest rate unchanged at 4.0%.
  

• A survey showed that U.S. farmers planted about 48.5 million acres of winter wheat. YoY this is up 7.8%, from low levels, and the most in 12 years. The USDA reports tomorrow.
  

• Cepea estimates Brazils 2008 coffee demand at 46 million bags and production at 41.2 to 44.1 million bags. This depletes Brazil's non-government stockpiles further, which are at 7.77 million bags -- down 50% YoY.
  
  

• The U.S. DoE said underground supplies of natural gas fell 171 billion cubic feet last week to 2.750 trillion cubic feet. Supplies are down 9% YoY.
  

• Statistics South Africa said November gold production fell 12.7% YoY..