Quick Overview

• The University of Michigan's index of consumer sentiment increased from 81.6 to 88.7 in December, more than expected.
  
  

• The USDA's 2005-2006 U.S. ending stocks estimate for:
  Corn was increased from 2.319 to 2.419 billion bushels.
  Soybeans were increased from 350 to 405 million bushels.
  Wheat was unchanged at 530 million bushels.
  Sugar was increased from 667,000 to 1.395 million tons.
  Cotton was increased from 6.50 to 6.90 million bales.

• The USDA's 2005-2006 world ending stocks estimate for:
  Corn was increased from 114 to 119 million tons.
  Soybeans were increased from 47 to 48 million tons.
  Wheat was increased from 140 to 143 million tons.
  Cotton was increased from 50 to 51 million tons.
  

• The USDA estimates the 2005-2006 Florida orange crop at 162 million boxes, down from last month's estimate of 190 million boxes. The projected juice yield was lowered from 1.58 to 1.55 gallons a box.
  The Brazilian government estimated its 2006-2007 coffee crop at 42.0 million bags, up from 36 million bags this year
  
  

• Canada's labor productivity was up 0.8% in the third quarter and up 1.3% YoY.
  

• Japan's GDP was up 0.2% in the latest quarter, down from an earlier estimate of 0.4%.
  
  

• Brazil inflation eased in November, official data showed on Friday, reinforcing bets the central bank will cut interest rates next week.
  

• Industrial production in France was down 2.5% in October, the biggest monthly drop in six years.
  

• Mexico's central bank, with inflation at record lows, cut a key interest rate by 50 basis points.