Thursday, January 12, 2012

Quick Overview

  • The USDA put corn ending stocks at 846 million bushels, down 2 million from the month prior and 282 million under a year ago. U.S. corn stocks are very small at 24.4 days' supply. That's historically very, very low. Globally corn stocks are at 53.9-day supply, down 1.5 days from last year and a 38-year low. The U.S. stocks-to-use ratio remained unchanged from last month at 6.7% while global stocks-to-use ratio only increased slightly to 14.8%.
  • (Bloomberg) Corn crops in Brazil and Argentina, which produce 30 percent of the world’s exports, will lose 11 million metric tons of output after a drought caused “irreversible” damage, forecaster Agroconsult said.

  • Obama asked Congress Thursday to raise the debt ceiling to $16.4 trillion.

  • California has slipped behind Brazil to become the ninth-largest economy in the world.

  • U.S. Retail sales increased a less-than-expected 0.1%, despite continued strength in autos.

  • French CPI rose 0.4 % in December

  • (Bloomberg) a proposed European Union embargo of Iranian oil imports was said likely to be delayed for six months

  • The dry bulk market has been in freefall, reminding ship owners just how fragile the market is.

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