Quick Overview

• (World Bank) Asian economies may need to turn to capital controls as quantitative easing by the U.S. threatens to spur asset bubbles...

• USDA estimates wheat ending stocks at 848 m.b. bushels down 21 from the average pre-report trade guess and five under last month. This is a 34.7 stock to use ratio
• USDA estimates corn production at 12.540 billion bushels, 5 m.b. under pre-report estimates and 24 under last month. Leaving ending stocks at 827 m.b. This is a stock to use ratio of 6.2%. Globally world corn ending stocks were reduced by 3.2 MMT to 129.2 MMT
• USDA estimates soybeans Production was put at 3.757 b.b. 51 m.b. and 33 m.b. under last month. Ending stocks were down 30% from last month to 185 million bushels. This is a 5.5% stock to use ratio or 20 days worth of supply.

• Oil demand and price are set to grow steadily over the next 25 years despite environmental policies, essentially dooming climate-change goals, the International Energy Agency forecast on Tuesday.

• U.S. Inventories at the wholesale level rose 1.5 % MoM and 7.9% YoY

• The U.S. has lost its double-A credit rating with Dagong Global Credit Rating Co., Ltd., the first domestic rating agency in China, due to its new round of quantitative easing policy.