Today

Overview


The Energy Department reported a 600,000-barrel increase in crude inventories. Unleaded supplies were up 1.8 million barrels and heating oil supplies were up 300,000 barrels.

Saudi Arabia's Oil Minister was quoted as saying he sees $40 to $50 oil for the entire year.
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U.S. Jobless claims reversed course and rose in the latest week, the Labor Department reported. The number of initial claims in the week ending February 19 rose 9,000 to 312,000. This is the first increase after three straight weekly declines.
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U.S. durable goods orders were down 0.9% in January, weaker than expected and the first drop in three months. Excluding transportation, orders were up 0.8% on the month. Orders for core capital goods increased 2.9 percent in January after a 3.3
percent gain in December.
"Durable goods manufacturers should be dancing a jig," said Ken Mayland, president of ClearView Economics.
Shipments of core capital goods - the best monthly measure of business investment - increased 3.7 percent in January.
Inventories of durable goods increased 0.9 percent in January, while unfilled orders fell 0.2 percent.
Orders for aircraft sank 27.1 percent in January after falling 16.8 percent in December.
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The USDA expects 2005 farm exports to total $59 billion and farm imports to total $58 billion.
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The U.S. Census Bureau said 148.5 million bushels of soybeans were crushed in January, less than expected.
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From the Journal of Commerce comes news that there is no let-up for West Coast ports. January began the year the way 2004 ended: with double-digit growth in containerized imports from Asia. >> IT's Shipping Index
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The Consumers Union asked Agriculture Secretary Mike Johanns to order new tests on a cow suspected in November 2004 of having mad cow disease. The consumer group said the U.S. Department of Agriculture failed to use an internationally recognized test known as Western blot when it retested the animal and gave it a clean bill of health. "The USDA should operate out of an 'abundance of caution' in its efforts to keep the U.S. food supply safe," the group wrote Johanns.

Japan meanwhile, has yet to lift its ban on U.S. beef imports.
There is also one more cow in northern Japan that has reportedly been found with mad cow disease. If confirmed, it will be Japan's 15th case.

Also, the USDA continues to say that the border will open to young Canadian cattle on March 7th.
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Japanese Deflation Deepened in January as Core Prices Dropped 0.3 Percent

Japanese consumer prices fell in January at the fastest pace since May, extending the nation's period of deflation to almost seven years and making it less likely the central bank will end its zero-rate policy.