Quick Overview

• The Egyptian (the world’s biggest wheat importer) authorities have moved to ban demonstrations.

• Sales of U.S new single-family homes rose in December to an annual rate of 329,000, the highest since April when a federal tax credit gave the market a temporary boost. New home sales were down 14.4% in 2010.

• The EIA said:
• Supplies of crude-oil rose 4.8 million barrels.
• Supplies of Gasoline rose 2.4 million barrels
• Supplies of Distillate rose 100,000.

• South Korea's economy posted an annual growth rate of 6.1 % in 2010, an eight-year record high.

• New budget CBO estimates released Wednesday predict the U.S. government's deficit will hit almost $1.5 trillion this year, a new record.

• Bangladesh raised the rice import target to 1.2 million metric tons for the year ending June 30, from 600,000 tons s in November.

• (Dow Jones)--China's grain demand will likely increase by 4 million metric tons a year over the next five years, while supply of agricultural products in China will face huge pressure, Vice Agricultural Minister Chen Xiaohu said Thursday.