Economic Reports & Statistics

Greece was the scene of violence and uncertainty while deeper austerity measures failed to quell the threat of default. In the U.S., the Commerce Department reported that the trade deficit “widened to $48.8 billion US as imports grew at a faster pace than exports.”  In Canada, the trade surplus reached the highest level in at least three years according to Statistics Canada.  China’s shipments abroad dipped by 0.5 percent last month and imports dropped by more than was expected.  US Wholesale Inventories were higher than forecast, rising 1 percent in December. The median forecast was for a rise of 0.4 percent.  Consumer credit also rose in December to $19.3 billion.

Energies

Crude oil supplies added 300,000 barrels, according to weekly data from the Energy Department. Forecasts had pointed to an increase of more than 2 million barrels. Gasoline supplies were up 1.6 million barrels compared to expectations for a 1.25 million barrel build. Distillates were up 1.2 million barrels versus forecasts for a decline of 200,000 barrels. The International Energy Agency (IEA) says that China will complete its two sites for strategic petroleum reserves in the first quarter of this year.  The IEA’s monthly crude oil report showed lower forecasts for oil demand growth through 2012.

The weekly natural gas storage report showed a drop of 78 billion cubic feet versus expectations for an 84 to 88 billion cubic foot drop.  The Energy Information Administration is forecasting that the end of March storage levels for natural gas will be the largest since 1983.

Grains & Oilseeds

US wheat ending stocks are projected lower, down 25 million bushels for all wheat.
US feed grain ending stocks are projected lower as increases in imports are offset by higher-than-expected corn exports.
US soybean ending stock forecasts are unchanged.

In Ukraine, traders were asked to “limit wheat exports” following potential damage to crops from drought and frost. Grain crops in the eastern and southern regions of Ukraine lacked snow cover to help protect them from a recent cold spell.  Goldman Sachs is suggesting that supplies of corn will tighten, leading to a 9 percent rise in prices over the next six months. A poll on Reuters showed that analysts are looking for farmers in the US to plant one of the largest corn crops on record, boosted by a mild winter.
Livestock

Wholesale beef prices were higher mid-week while packers struggle with poor operating margins.  At least one economist is warning cattle producers to avoid overproducing in response to higher prices, since the threat of continued drought still looms in Texas.  A spurt of short-covering and fund-buying helped boost hogs this week.

Precious Metals

A Dubai shopping festival is being credited with a boost in gold sales, possibly tripling sales in the past month.

Softs & Exotics

A drop in cocoa prices this week was attributed to “chart-based selling.”  Robusta coffee prices were boosted by speculation that European stockpiles will have to be tapped while farmers in Vietnam continue to hold beans.  Brazilian orange juice imports have been limited to non-concentrated juice following the recent issue over a banned fungicide.  This week’s WASDE showed a larger forecast for ending stocks of cotton, up to 123.34 million bales globally versus a previous estimate of 122.84. The USDA also lowered its forecast for global cotton use.  Flooding in Queensland in Australia has led to a lowering of the cotton crop estimates, with production possibly cut by more than 8 percent.

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