Quick Overview

• The number of workers filing initial unemployment claims rose by 4,000 last week to 277,000, the Labor Department said Thursday.
  
  

• U.S. wholesale inventories rose 1% in December, the Commerce Department reported Thursday
  
  

• The Fed said its overall holdings of Treasury and agency debt kept for overseas central banks rose $3.391 billion in the week ended Feb. 8, to $1.546 trillion.
  
  
  

• General Motors and Ford Motor Co. are forming partnerships with energy companies on projects that could make ethanol a more mainstream fuel, USA Today reported Thursday.
  
  

• The USDA's 2005-2006 U.S. ending stocks estimate for:
  Corn was reduced from 2.426 to 2.401 billion bushels.
  Soybeans were increased from 505 to 555 million bushels. The stocks to use ratio is now 20%, the most in nineteen years.
  Wheat was unchanged at 542 million bushels.
  Sugar was increased from 1.320 to 1.661 million tons (this is due to higher import quotas).
  Cotton was increased from 6.90 to 7.00 million bales.
  

• The USDA's 2005-2006 world ending stocks estimate for:
  Corn was unchanged at 128 million tons.
  Soybeans were increased from 53 to 54 million tons.
  Wheat was reduced from 145 to 142 million tons.
  Cotton was increased from 51 to 53 million bales.
  

• The USDA's estimate of the Florida orange crop remained at 158 million boxes, but the projected juice yield was increased from 1.55 to 1.58 gallons a box at 42.0 degrees Brix.
  

• Statistics South Africa said the country's 2005 gold production was down 12.8% YoY.
  

• The U.S. Department of Energy said that underground supplies of natural gas were down 38 billion cubic feet to 2.368 trillion cubic feet. Supplies are now up 23% YoY.
  
  

• The unemployment rate in Australia increased from 5.2% to 5.3% in January.