Tuesday, February 08, 2011

Quick Overview

  • The UN said that China's wheat crop faces a "critical situation" if a drought across most of its range does not break.
  • (Dow Jones)--Wheat futures on China's Zhengzhou Commodity Exchange rose sharply Wednesday, climbing 5.4% due to worries that worsening drought conditions could cut into the country's grain output this year.

  • The Federal Reserve should seriously consider pulling back on its $600 billion stimulus program given stronger growth and a brighter jobs picture, Richmond Fed President Jeffrey Lacker said on Tuesday.

  • Euro zone’s economy grew by 0.3 % in Q3

  • China raised rates to 6.06% from 5.81% on the last day of the Chinese New Year holiday to try to temper inflation. The one-year deposit rate was raised to 3 % -- still 2% less than the CPI.

  • McDonald’s global sales rose 5.3% in January

  • Elwynn Taylor: Dr. Wolter gives La Nina a 50%+ chance of lasting through 2011, for now the likely US corn yield stands at 155BPA, next update is 5 March.

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