Thursday, December 11, 2008

Quick Overview

  • (Bloomberg) -- Senate negotiations for a U.S. automaker bailout plan collapsed, in a blow to General Motors Corp. and Chrysler LLC, which may run out of cash early next year.
    “It’s over with,” Majority Leader Harry Reid said.

  • U.S. jobless claims rose 58,000 last week to 573,000, the most in 26 years.

  • The U.S. trade deficit widened in October 1.1 % to $57.2 billion from a revised $56.6 billion in September

  • Switzerland lowered its interest rate target from 1.00% to .50%.

  • Korea reduced its interest rate from 4.0% to a record low 3.0%

  • Australia's unemployment rate increased from 4.3% to 4.4%

  • The USDA's 2008-2009 U.S. ending stocks estimate for:
    Corn was raised from 1.124 to 1.474 million bushels, more than expected.
    Soybeans unchanged at 205 million bushels.
    Wheat was raised from 603 to 623 million bushels.
    Sugar was raised from 907,000 to 961,000 tons.
    Cotton was raised from 6.2 to 7.1 million bales.

  • The USDA's 2008-2009 world ending stocks estimate for:
    Corn was raised from 110 to 124 million tons.
    Soybeans unchanged at 54 million tons.
    Wheat was raised from 145 to 147 million tons.
    Cotton was raised from 57 to 59 million tons.

  • USDA lowered its estimate of the 2008-2009 Florida orange juice crop from 166 to 165 million boxes. The projected juice yield was also reduced, from 1.59 to 1.58 gallons per box.

  • India said war is no solution to stop Pakistan based militants from launching anti-India attacks.

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