Reports & Statistics

Durable goods gained 1 percent in September, coming in line with estimates from Wall Street. New home sales came in lower than expected at 402,000 units versus estimates for 440,000.1  This was a drop of 3.6 percent.2  The consumer confidence index provided by the Conference Board “fell to 47.7 in October, worse than the expectations for 53.1.3  The 3rd quarter GDP for the US gained 3.5 percent according to an estimate from the Commerce Department. Another estimate will be released in November and may be revised.4 

Crude oil supplies gained 800,000 barrels according to this week’s Energy Information Administration data. This was lower than the anticipated 1.8 million barrel gain. Gasoline supplies gained 1.7 million barrels versus estimates for a dip of 800,000 barrels. Distillates were down 2.1 million barrels compared to forecasts for a 1.1 million barrel drop.5  Natural gas added 25 billion cubic feet in storage, less than the 29 billion estimates.6

Precious Metals

Gold Fields Mineral Services data suggests that investment demand for gold may have “more than offset the weakness in the jewelry sector with overall gold demand in the first half at 1,744 tons, compared with 1,520 tons in the first half of 2008”.7  Output of gold coins by the Austrian mint will be cut next year on forecasts that “the end of the financial crisis will weaken investor demand.”8  Following the leaked report from last week, Russia’s government is saying it will postpone its plans for selling “up to” 50 tons of gold.9  Advanced Medical Solutions is launching a new dressing for wounds which contains silver.10 

Grains & Oilseeds

Heavy rains may impact US sales of corn if the wet weather has left Midwest supplies damp and hampered quality.11  Wheat harvests in certain regions of Australia may reach record size. Victoria may top 4 million tons.12  Rain may boost prospects for wheat in Argentina.13  

Coffee, Cocoa & Sugar

The Vietnamese government is suggesting that coffee exports jumped over fifty percent in October at one million bags.14  Estimates for India’s coffee crop have been lower than last year’s output on the potential that heavy rains in August and September caused damage.15  Fortis Bank is projecting that coffee production will beat consumption in 2009/2010.16  Dealers in Asia and Europe are reporting higher stocks of unsold cocoa butter at 40,000 tons or more in Europe.17  India may sign sugar deals to import up to 2 million tons. This news comes following the government announcement to fix prices. Duty free imports have been extended through the end of the year.18 

Livestock

Recent outbreaks of African Swine Flu (ASF) in Russia have raised concerns that it could spread to Europe. ASF does not affect humans, but can “be extremely deadly to swine”.19  China may be set to remove its ban on US pork and hogs, a measure implemented in the spring during the first H1N1 concerns. 20
 

1  http://www.emii.com/Articles/2326718/Home-Page/Top-Stories/New-Home-Sales-Down-Durable-Goods-Up-In-September.aspx
2  http://www.investmentadvisor.com/News/2009/10/Pages/GDP-Jumps-Estimated-35.aspx
3  http://www.reuters.com/article/asianCurrencyNews/idUSN2726534420091027?sp=true
4  http://www.investmentadvisor.com/News/2009/10/Pages/GDP-Jumps-Estimated-35.aspx
5  http://in.reuters.com/article/oilRpt/idINN2830723820091028
6  http://online.wsj.com/article/BT-CO-20091029-715694.html
7  http://online.wsj.com/article/SB125670895898612495.html
8  http://www.bloomberg.com/apps/news?pid=20601087&sid=aRL6_p76u8oU
9  http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=91430&sn=Detail
10  http://www.mineweb.com/mineweb/view/mineweb/en/page32?oid=91435&sn=Detail
11  http://www.forbes.com/feeds/reuters/2009/10/29/2009-10-29T210207Z_01_N29362574_RTRIDST_0_USA-GRAIN-EXPORTS-ANALYSIS.html
12  http://online.wsj.com/article/BT-CO-20091030-700715.html
13  http://www.bloomberg.com/apps/news?pid=20601086&sid=ah2R436zUVP0
14  http://www.forbes.com/feeds/reuters/2009/10/27/2009-10-27T162525Z_01_LR426633_RTRIDST_0_MARKETS-SOFTS-UPDATE-2.html
15  http://www.businessweek.com/globalbiz/content/oct2009/gb20091026_799066.htm
16  http://www.tradingmarkets.com/.site/news/Stock%20News/2609579/
17  http://www.themalaysianinsider.com/index.php/business/41868-no-christmas-cheer-for-cocoa-butter-in-asia-and-europe
18  http://in.reuters.com/article/domesticNews/idINBOM46504220091030?sp=true
19  http://www.meatingplace.com/MembersOnly/webNews/details.aspx?item=14244
20  http://www.meatingplace.com/MembersOnly/webNews/details.aspx?item=14240
 

Coming Up Next Week:

Monday:
Crop Progress, Construction Spending, ISM Manufacturing
Wednesday:
Energy Stocks, ISM Non-Manufacturing, FOMC Statement
Thursday:
Gas Storage
Friday:

Employment Situation

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