Thursday, June 19, 2008

Quick Overview

  • U.S. leading indicators rose 0.1% in May -- better than expected.

  • The Philadelphia Federal Reserve's regional index of manufacturing fell from -15.6 to -17.1 -- weaker than expected.

  • The U.S. Labor Department said that jobless claims fell 5,000 last week to 381,000.

  • China announced they are increasing their subsidized gasoline prices 16% and diesel prices 40%.

  • Canada’s consumer prices rose 1.0% in May and 2.2% YoY.

  • U.K.'s retail sales rose 3.5%.

  • A high-ranking member of the feed industry in China warned overnight that it could face an annual corn-deficit of 400 million bushels by 2010, requiring increased imports. Rapidly increased demand for meat in the Chinese diet is fueling the rise in demand for feed grains and protein, suggesting imports of U.S. corn. Some trade sources have suggested that China may need to begin importing U.S. corn as early as this next year... (Arlan Suderman Farm Futures)

  • Reuters reported that a fungal disease in Indonesia is threatening the quality of 60% of the cocoa crop.

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