Quick Overview

• All hands on deck! Officials from G-7 /G-8 meet to conside ways to stem the panic.

• (Bloomberg) -- The Federal Reserve Bank of New York plans to meet with the credit-default swap industry to accelerate plans for a central clearinghouse for the $55 trillion market.

• Preliminary results of the auction credit-default swaps indicate an initial value of 9.75 cents on the dollar

• U.S. exports fell $3.4 billion in August to $164.7 billion while imports fell $5.5 billion to $223.9 billion -- resulting in imports of $59.1 billion.
  

• Canada's unemployment rate remained at 6.1%.
  

• Germany is working on a plan to prop up its major banks that may well include taking government stakes.
  
  

• The USDA estimates 2008-2009 ending stocks for:
  Corn was increased from 1.018 to 1.154 billion bushels.
  Soybeans were increased from 135 to 220 million bushels.
  Wheat was increased from 574 to 601 million bushels.
  Sugar was increased from 505,000 to 656,000 tons.
  Cotton was increased from 4.90 to 6.20 million bales.
  

• The USDA estimates 2008-2009 world ending stocks for:
  Corn was reduced from 110 to 108 million tons.
  Soybeans were increased from 51 to 55 million tons.
  Wheat was increased from 140 to 144 million tons.
  Cotton was increased from 52 to 55 million tons.
  The USDA estimates the Florida orange crop at 166 million boxes, down from last season's 170 million boxes. The projected juice yield was 1.59 gallons per box at 42.0 degrees Brix, down from last year's record high 1.67 gallons per box.
  

• The International Energy Agency reduced its forecast of 2008 world oil demand from 86.7 to 86.5 million barrels per day, an increase of just 0.5% from last year. In 2009, the IEA is expecting world demand to increase 0.8% to 87.2 million barrels per day.