Monday, May 11, 2009

Quick Overview

  • Consumer prices in China fell 1.5% YoY

  • Chinese spot steel prices rose 2.8% this week in the second consecutive weekly gain, on growing recovery expectations.

  • GDP in Latvia fell 18% YoY

  • The ICCO forecast that global Cocoa grindings would fall 6% in the year to September 2009 compared with a previous estimate for a decline of 2.1%. Global output is forecast to fall 7 % this year, resulting in a supply deficit of between 80,000 and 90,000 tonnes.
  • The USDA said:
  • 48% of the corn was planted, versus 71% average
  • 14% of the soybean crop was planted, ver. 25% average
  • 35% of the spring wheat was planted, ver. 78% average
  • 32% of the cotton was planted, ver. 39%. Average

  • Very little planted East of Iowa in the past week & the 5-day rain forecast gives little hope that this will change.

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