Quick Overview

• (FT) The world's leading banks have accepted much of the blame for the credit crisis in an attempt to stave off calls for more regulation, even as the International Monetary Fund slashed global growth estimates and warned that the US would suffer a recession.
  
  

• GDP in the Euro area rose 2.6% in 2007.
  
  

• The U.S. Department of Energy said:
  Supplies of crude oil fell 3.2 million barrels to 316.0 million barrels.
  Supplies of gasoline fell 3.4 million barrels
  Supplies of heating oil fell 2.7 million barrels.
  Refinery use rose from 82.4% to 83.0% of capacity.
  Gasoline demand rose o.3% YoY
  Distillate demand was unchanged YoY.
  (Oil hits record above $112 after US inventories)
  
  

• The USDA's estimate for 2007-2008 U.S. ending stocks of:
  Corn was reduced from 1.438 to 1.283 billion bushels.
  Soybeans were raised from 140 to 160 million bushels.
  Wheat is unchanged at 242 million bushels.
  Sugar was reduced from 1.978 to 1.950 million tons.
  Cotton was raised from 9.40 to 9.70 million bales.
  

• The USDA's estimate for 2007-2008 world ending stocks of:
  Corn was reduced from 104 to 103 million tons.
  Soybeans were increased from 47.4 to 49.3 million tons.
  Wheat was increased from 110.4 to 112.5 million tons.
  Cotton was increased from 59.2 to 59.6 million bales.
  

• The USDA increased its estimate of 2008 beef production from 26.4 to 26.6 billion pounds, up 0.6% YoY.
  

• The USDA increased its estimate of 2008 pork production from 23.1 to 23.5 billion pounds, up 7.3% YoY.
  
  

• The USDA increased its estimate of Florida's 2007-2008 orange crop from 167 to 169 million boxes.
  
  
  

• Brazil estimated the upcoming coffee harvest at 44.2 million bags.

• Gold Fields Mineral said that 2008 gold production will remain stable, suggesting to some, that this will result in a tightening of supply.