Quick Overview

• (Bloomberg) -- Russia has exported close to 20 million metric tons of wheat in the 2011-2012 marketing year and has “very little grain left,” K.C. Suresh, head of grains at Olam International, told analysts.

• At MF Global, officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered. The findings so far suggest that the money "vaporized" as a result of chaotic trading at MF Global.
• Investors and traders reduced commodity trading by 19% in 2011. The flight was the biggest in at least 12 years, outpacing the departure seen in 2008 during the financial crisis.

• The December U.S consumer savings rate rose to 4% from 3.5% in November

• GDP of the Philippines grew by only 3.75 in 2011 or less than one-half of its 2010 growth of 7.6%.

• Standard and Poor's downgraded the credit ratings of 13 major Italian local governments, including the cities of Rome, Milan, Florence, Bologna and Genoa, from A to BBB+.

• The BDI (Baltic Dry Index), is at 702 points, down by 24 on the day. It’s been the worst start of the year for years. This January is proving to be a very difficult month for ship owners, as a result of newbuilding deliveries, especially in the Capesize sector. Stocks of shipping Companies however are performing quite a bit better.