Quick Overview

The amount of new debt taken on by Americans rose 8.6 percent, or $1.92 trillion, in 2004, the fastest growth since 1988, the Federal Reserve reported Thursday.

The U.S. federal government had a $113.94 billion deficit for the month of February.

Federal Reserve Board Governor Ben Bernanke said on Tuesday the U.S. current account gap was being fueled by factors outside the United States


YoY federal government spending for the month was up $26 billion

Inventories of U.S. wholesalers increased 1.1percent in January, led by stockpiling of farm products, groceries, clothing and cars, the Commerce Department said Thursday

U.S. jobless claims were up 17,000 last week to 327,000

China import growth falls amid cooling measures
China's annual import growth slowed to 8.3 percent in the first two months of 2005

The USDA 2004-2005 U.S. ending stocks estimate for:
Corn was increased from 2.010 to 2.055 billion bushels.
Soybeans were reduced from 440 to 410 million bushels.
Wheat was reduced from 558 to 553 million bushels.
Cotton was reduced from 7.30 to 7.10 million bushels.
Sugar was reduced from 1.548 to 1.473 million tons.

The USDA's 2004-2005 world ending stocks estimate for:
Corn was increased from 117 to 122 million tons.
Soybeans were reduced from 61 to 56 million tons.
Wheat was increased from 145 to 147 million tons.
Cotton was increased from 47 to 48 million tons.

The USDA's estimate of this spring's soybean crop in Brazil was reduced from 63.0 to 59.0 million tons (2.17 b.bu.), due to dry weather. The soybean estimate for Argentina remained the same, at 39.0 million tons (1.43 b.bu.)

The USDA's estimate of the 2004-2005 Florida orange crop was reduced from 162 to 153 million boxes. The estimated juice yield remains at 1.58 gallons per box at 42.0 degrees Brix.

The U.S. Department of Energy said that underground supplies of natural gas fell 139 billion cubic feet last week to 1.474 trillion cubic feet. YoY supplies are up 29%.

Machinery orders in Japan were down 2.2% in January. Orders fell unexpectedly in January as demand for semiconductors and computers weakened.

Australia's unemployment rate in February remained at 5.1%, the lowest in 28 years.

Brazilian industrial output fell 0.5 percent in January from December.
The decline was expected after a strong 2004, when Brazil's economy grew at its fastest pace in a decade

New Zealands central bank increased its interest rate by a quarter-percent to 6.75%.