Quick Overview

• Manufacturing growth in Chicago jumped from 49.2% to 60.5% in September following its first contraction in more than two years, the National Association of Purchasing Management-Chicago said Friday
  
  

• U.S. consumer confidence dropped this month to 76.9 from 89.1 in August, according to the University of Michigan’s monthly consumer sentiment index.
  

• U.S. personal income in August was down 0.1% while spending was down 0.5%, the biggest drop in three years, led by a slump in automobile purchases, the Commerce Department reported Friday
  
  
  

• The U.S. Department of Energy said that 12 refineries remain closed, resulting in the daily loss of 1.3 million barrels of gasoline, 700,000 barrels of distillates, and 400,000 barrels of jet fuel
  

• Pennsylvania will build the nation's first commercial plant to convert waste coal into no-sulfur diesel fuel and home-heating oil, the Associated Press reported.

• The U.S. Minerals Management Service said today that 98% of oil production and 79% of natural gas production in the Gulf of Mexico remains closed.
  

• The USDA said that, as of September:
  Corn stocks totaled 2.112 billion bushels, up 120% YoY and the most in twelve years.
  Soybean stocks totaled 256 million bushels, up 127% YoY.
  Wheat stocks totaled 1.919 billion bushels, down 1% YoY.
  
  

• U.S. railroad freight traffic rose for the week ended Sept. 24 from a year ago despite damage caused to rail lines by Hurricane Rita, the Association of American Railroads said.
  

• The USDA also said that the 2005-2006 U.S. wheat crop will total 2.098 billion bushels, down from last month's estimate of 2.167 billion bushels.
  

• December soybean oil was up 1.09 to 23.95, the highest close in nearly two months, with talk that high energy prices may increase demand for biodiesel.
  

• The USDA said that as of September 1st all U.S. hogs and pigs were 61.536 million head, up slightly from a year ago. YoY The September 1st breeding herd was also up slightly and YoY the June to August pig crop was up 0 .4%.
  

• Japans household spending was up 3.2% in August, the first gain in four months; Industrial production was up 1.2% in August; Consumer prices were down 0.3% in August. The positive consumer price data showing that deflation was easing, combined with other upbeat economic figures on Friday, added fuel to the debate on whether the Bank of Japan should soon end its ultraeasy monetary policy.
  
  
  

• Brazil's stocks notched yet another record high on Friday thanks to strong foreign investor appetite for assets in Latin America's largest country.
  

• YoY India's GDP was up 8.1% in the first quarter- topping forecasts.
  
  

• Retail sales in Australia were up 0.6% in August.
  

• Canada's GDP was up 0.2% in July and up 2.6% YoY.