Quick Overview

• Brazilian navy plans a fleet of 20 subs, six nuclear powered.

• The U.S. Justice Department filed a brief that declared, for the first time, that the U.S. government does not support the patenting of naturally occurring human genes. (About time)

• (FT)Bullion prices denominated in Euros hit a five-month high as concerns about the Eurozone sovereign debt crisis swept across financial markets.

• Weekly U.S. jobless claims drop to 407,000, the lowest level since July 2008.

• The Reuters/University of Michigan consumer sentiment index rose to 71.6 in November from 67.7 in October, its highest reading since June.

• The DOE reported:
• Crude-oil inventories rose 1 million barrels
• Supplies of distillates fell 500,000 barrels
• Gasoline stocks rose 1.9 million barrels

• U.S. sales of new single-family homes fell 8.1% in October. There was an 8.6-month supply of homes at the current sales rate. The median sales price fell 14% to $194,900. Sales fell 23.9% in the West, 20.4% in the Midwest and 12.1% in the Northeast. In the South sales gained 3.1%.

• The IGC left world wheat production estimates unchanged at 644 MMT, but raised consumption by 2 MMT to 660 MMT. Global ending stocks are expected down 16 MMT from last season.

• The IGC cut world corn output by 4 MMT from last month to 810 MMT, with ending stocks pegged at 121 MMT, 31 MMT down from last season. World inventories will end 2010-11 at the equivalent of 14.4% of consumption, compared with 18.7% at the close of last season, and tighter than the 16.1% at the end of 2006-07.
• The IGC’s estimate for the world rice harvest was kept at a record 449m tonnes.

• Portugal has, in the face of a squeeze on raw sugar supplies, urged the European Union to relax its import regime, warning that the region has overestimated available supplies of the sweetener.

• (Reuters) - Argentina's 2010/11 soy output is estimated at 49.5 million tons down from 54.5 MMT last year.

• Across multiple studies, a consistent link was identified between glucose levels and aggression, with sugar consumption making people less prone to unprovoked hostility toward strangers. Additionally, researchers found that U.S. states with higher rates of diabetes — a disorder characterized by low glucose and poor glucose tolerance — were plagued by higher rates of violent crime, even after factoring for poverty.

• (Bloomberg) -- Global sugar supplies may fall short of demand next year as Brazil, the world’s largest exporter of the sweetener, razes and replants enough farmland to cover the state of Connecticut.

• China on Friday reported a further slowdown in industrial profit growth due in part to the nation's ongoing campaign to save energy and cut emissions. Profits of major industrial enterprises in 24 provinces grew 51.6 percent in the first 10 months year on year to 2.8 trillion Yuan (427.1 billion U.S. dollars), 1.9 percentage points lower than that for Jan-Sept, the National Bureau of Statistics said on its website.
• In the first nine months, industrial profits decelerated by 2.8 percentage points from the Jan-Aug period. Core business revenue of those enterprises rose by 32.1 percent year on year to 45.3 trillion Yuan in the first 10 months.

• According to the Bank of Korea (BOK), the current account stood at 5.37 billion U.S. dollars in October, rising from 3.95 billion U.S. dollars in September.

• YoY Singapore's manufacturing output increased 31.0 % in October.

• Consumer prices in Japan fell 0.6 % in October, the Japanese government said on Friday.

• Russia says they will import wheat in 2011.

• (Economist)... the Fed has only succeeded in raising America’s broad money supply (as measured by seasonally-adjusted M2) to about $8.8 trillion. China’s central bankers, on the other hand, have increased China’s M2 to almost 70 trillion Yuan, or $10.5 trillion. As Mr. Kroeber points out, China has a greater quantity of money circulating in an economy a third of the size. Who is calling whom easy?