Quick Overview

• U.S. Retail sales rose 0.9% in December, more than expected.
  

• India's Nov industrial production rose 14.4% YoY.
  

• Chinese GDP rose to 10.5% from 10.4% QoQ.
  

• The USDA's 2006-2007 U.S. ending stocks estimate for:
  Corn was reduced from 935 to 752 million bushels. (stocks/usage 6%, lowest since 1975)
  Soybeans were increased from 565 to 575 million bushels. (stocks/usage 19%)
  Wheat was increased from 438 to 472 million bushels.
  Sugar was reduced from 1.981 to 1.801 million tons.
  Cotton was increased from 6.30 to 7.10 million bales.
  

• The USDA's 2006-2007 world ending stocks estimate for:
  Corn was reduced from 93 to 86 million tons. (stocks/usage 11.9%)
  Soybeans increased to 56 million tons. (stocks/usage 25%)
  Wheat was increased from 121 to 122 million tons.
  Cotton was increased slightly to 52 million tons.
  

• The USDA estimate for the 2006-2007 Florida orange crop is 140 million boxes (unchanged) and a projected juice yield of 1.58 million gallons a box .