Quick Overview

• The Institute of Supply Managements' index of services fell from 54.4 to 41.9 in January, weaker than expected.
  
  

• Index of services in the Euro area dropped from 53.1 to 50.6.
  

• Services in the U.K. increased from 52.4 to 52.5 in January.
  

• Retail sales volume in the Euro area fell 0.1% in December.
  
  

• Australia's central bank raised its interest rate by a quarter point to an 11-year high of 7%.
  
  

• Ethanol production hit a new record high of 14.356 million barrels in November, up 338,000 barrels from October and up 40% YoY.
  

• Excessive rains have increased Asian rust problems on up to 25% of Brazil’s soybean belt.
  

• Canada’s wheat stocks fell 30% YoY. Corn stocks rose15%, and Canola stocks fell 9% YoY.
  

• The Bush budget proposal sent to Congress will let the 54c a gallon ethanol import tariff expires when the FY 2009 budget begins Oct 1, 2008;
  

• Indonesia's government will impose a 15% export tax if palm oil exceeds $1,100 a metric ton.
  
  

• Thai rice exporters could start defaulting on orders due to rapidly rising domestic rice prices, the Bangkok Post reported.
  
  

• The SEC is beginning to approve some "active" exchange-traded funds, which pick securities rather than simply track an index.