- (Bloomberg) -- Federal Reserve Chairman Ben Benanke warned that a fiscal stimulus won’t be enough to spur an economic recovery and that the government may need to buy or guarantee banks’ tainted assets.
- U.S. exports fell $8.7 billion in November to $142.8 billion while imports fell $25.0 billion to $183.2 billion.
- China’s exports fell 2.8% -- the most in almost a decade
- According Chinese customs data:
Imports of iron ore into China rose to 34.53 Mt in December. This marks an increase of 2.0 Mt MoM and up 0.3 Mt YoY. Soyabean imports for 2008 showed an increase of 6.6 Mt YoY. December imports of 3.30 Mt took the annual total to 37.44 Mt.
- Canada’s exports fell 6.8% in November while imports fell 4.8%
Canada’s new home prices fell 0.3% in November.
- The ICO raised its guess of the world's 2008-2009 coffee crops from 132.5 to 134.2 million bags, YoY this is up from 116.2. Consumption for 2008 remained unchanged at 128 million bags. For 2009 they anticipate consumption at 132 million bags.
The ICO said Brazil’s coffee production, which follows a biennial cycle (high output one year followed by low the next), could fall from 46m 60kg bags in 2008-09 to between 36.9m and 38.8m bags this year, a drop of 16 to 20 per cent.
- The Florida Department of Citrus said there were 104.9 million gallons of frozen orange juice concentrate in inventory -- up 77% YoY