Quick Overview

• (FT) Democrats in the US Congress are drawing up plans for a second stimulus bill amid fears the first 787bn package was not enough.
  

• Canada’s new home prices fell 0.8% YoY
  

• Consumer sentiment in Australia fell from 85.8 to 85.6 in March
  

• The USDA's 2008-2009 U.S. ending crop report estimate for:
  Corn was lowered from 1.79 to 1.74 billion bushels.
  Soybeans were lowered from 210 to 185 million bushels.
  Wheat was raised from 655 to 712 million bushels.
  Sugar was reduced from 1.066 to .981 million tons.
  Cotton was reduced from 7.7 to 7.3 million bales.
  

• The USDA's 2008-2009 world ending stocks estimate for:
  Corn was raised from 137 to 145 million tons.
  Soybeans unchanged at 50 million tons.
  Wheat was increased from 150 to 156 million tons.
  Cotton was increased from 62 to 63 million tons.
  

• The USDA predicts 2009 U.S. beef production down 0.7% YoY
  

• The USDA predicts 2009 pork production down 1.4% YoY.
  
  

• The USDA predicts 2008-2009 Florida orange crops at 158 million boxes, down from 170 YoY.
  
  

• The U.S. DOE said that:
  Supplies of crude oil rose 700,000 barrels last week to 351.3 million barrels
  Supplies of gasoline fell 3.0 million barrels
  Supplies of heating oil rose 1.3 million barrels.
  Refinery use fell from 83.1% to 82.7% of capacity
  Gasoline demand rose 1.6% YoY
  Distillate demand fell 6.1% YoY.
  

• The U.S. is protesting to Israel over restrictions on deliveries to the Hamas-ruled Gaza Strip of harmless goods such as soap and toilet paper.