Thursday, January 12, 2006

Quick Overview

  • U.S. jobless claims were up 17,000 last week to 309,000

  • The U.S. trade gap shrank more than expected in November. The gap narrowed to $64.2 billion during the month from a record $68.1 billion in October, the Commerce Department reported in Washington

  • The unemployment rate in Australia was unchanged in December at 5.1%

  • Crude oil approached a three-month high Thursday, approaching $65 a barrel, in part on concerns about Iranian oil.

  • Minnesota officials are giving the state’s biodiesel industry another month to fix problems with the fuel that led to clogged fuel filters this winter, the Associated Press reported Thursday.

  • The USDA's 2005-2006 U.S. ending stocks estimate for:
    Corn was increased from 2.419 to 2.426 billion bushels.
    Soybeans were increased from 405 to 505 million bushels.
    Wheat was increased from 530 to 542 million bushels.
    Sugar was reduced from 1.395 to 1.320 million tons.
    Cotton remained at 6.90 million bales.

  • The USDA's soybean production estimate for Argentina and Brazil remained at 3.64 billion bushels.

  • The USDA said that 41.37 million acres of winter wheat were planted last fall, up 2% YoY -- less than expected.

  • Europe's cocoa grindings totaled 301,742 tons in the fourth quarter of 2005, up 4.7% YoY.

  • The USDA reduced its estimate of Florida's 2005-2006 orange crop from 162 to 158 million boxes. The estimated juice yield was unchanged at 1.55 gallons a box at 42.0 degrees Brix.

  • Inflation in Brazil slowed in 2005 for the fourth year in a row.

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