Quick Overview

• The world refined copper market is expected to have a 500,000-metric-ton to 600,000-ton deficit in 2011, even with a significantly weaker demand scenario, according to JPMorgan Securities Ltd.

• (Bloomberg) -- India’s government may ban exports of wheat products, reduce taxes on milk powder and bar essential commodities from trading in futures markets as part of steps to slow gains in food inflation, the Economic Times reported.

• The USDA estimates the 2010 corn crop at 12.447 billion bushels on yield of 152.8 bushels per acre, down from its prev. estimate of 12.54 billion on a yield of 154.3 bushels per acre. This implies domestic ending stocks are at a 20.2 day supply -- the 2nd tightest in 50 years.

• The USDA estimates the 2010 Soybean crop at 3.329 billion bushels on yield of 43.5 bushels per acre, down 30 million from its previous estimate. This implies a 15.2-day supply -- the tightest in 40 years.
• The USDA has reduced the size of the 2010-11 Florida citrus crops by 3 million boxes to 140 million 90-pound boxes.

• China is to allow imports of Canadian seal meat and oils, Canada's fisheries minister says; hopeful new market access will restore a sealing industry battered by an EU seal products import ban.

• Australia's unemployment rate fell by 0.2 % to 5.0%.

• MoM Japanese core machinery orders fell 3.0%

• China raised reserve requirements by 50 basis points -- the fourth time in little more than two months.