Dailyfutures.com
Commodity futures news and comments.

Visit Our Sponsors

The Markets

Extra Info

Daily News Archive

News Calendar

2007 Index of
Economic Freedom

Sitemap

Privacy Statement


Have a cell phone browser?
Read our news at:
www.dailyfutures.com/cell/

Quotes & Charts

Other Links

Get briefed everyday...

Enter your information to
receive our daily futures news:

First Name
Last Name
Country
E-mail Address

subscribe
unsubscribe

Friday, May 9, 2008

U.S. Economy
The U.S. Census Bureau said that exports were down $2.6 billion in March, to $148.5 billion while imports were down $6.1 billion to $206.7 billion. The result was $58.2 billion of net imports, less than expected. The June U.S. dollar index closed down .44 at 73.22.

Grains
For the new 2008-2009 season, the USDA said that their U.S. ending stocks estimate for:

Corn is 763 million bushels, down from 1.383 billion bushels in 2007-2008.

Soybeans is 185 million bushels, up from 145 million bushels in 2007-2008.

Wheat is 483 million bushels, up from 239 million bushels in 2007-2008.

Sugar is 1.336 million tons, down from 1.757 million tons in 2007-2008.

Cotton is 5.60 million bales, down from 9.90 million bales in 2007-2008.

The USDA also said that its 2008-2009 world ending stocks estimate for:
Corn is 99 million tons, down from 110 million tons in 2007-2008.
Wheat is 124 million tons, up from 110 million tons in 2007-2008.
Cotton is 56 million bales, down from 62 million bales in 2007-2008.

There is no USDA estimate yet of the 2008-2009 world ending stocks for soybeans, but the 2007-2008 estimate is 49 million tons, down from 63 million tons the previous year.

November soybeans closed up 58 cents at $13.037, the highest close in eight weeks, helped by today's low U.S. ending stocks estimate. July wheat, on the other hand, fell 17.5 cents to $8.045 with disappointment over the larger-than-expected U.S. ending stocks estimate.

More rain fell today in Iowa, Missouri, Illinois, and Wisconsin. December corn was up 3.75 cents at a new contract high of $6.50.

Livestock
The USDA raised its estimate of the average price of choice steers in 2008 from 90 to 91 cents per pound with a projected 1.1% increase in production. August cattle closed up .90 at a new contract high of 100.20.

The USDA increased its estimate of the average price of barrows and gilts in 2008 from 41 to 44 cents per pound (59.5 cents lean), helped by expectations for a 15% increase in pork exports this year. Pork production is expected to increase 7.0% in 2008. August hogs ended up .25 at 79.10.

Orange juice
The USDA kept its estimate of the 2007-2008 Florida orange crop at 169 million boxes, but increased the projected juice yield from 1.63 to 1.65 gallons per box at 42.0 degrees Brix. July orange juice ended up 1.05 cents at $1.2150.

Sugar
July sugar closed up .15 at 11.61, pulled higher by record gasoline prices.

Metals
London inventories of copper jumped up 11,150 tons to 121,275 tons today. July copper closed down 7.10 cents at $3.7165.

Energies
July crude oil finished up $2.39 at another new contract high of $126.00 while producers continue to struggle around the world to keep up with demand.

Currencies
Statistics Canada said that Canada's unemployment rate increased from 6.0% to 6.1% in April with a net gain of 19,000 jobs, more than expected. Over the past year, 348,000 new jobs have been added to the economy. The June Canadian dollar closed up 1.10 cents at 99.32.

Canada's exports increased 1.6% in March, to C$40.1 billion while imports were down .3% to C$34.5 billion. The result was C$5.5 billion of net exports, the most since May of 2007.

The Reserve Bank of Australia said that it expects consumer prices to have an annual increase of 4.5% by the end of 2008, but then lessen to 3.25% sometime in 2009. The June Australian dollar was unchanged at 93.87.

Get briefed everyday...

Enter your information to
receive our daily futures news:

First Name
Last Name
Country
E-mail Address

subscribe
unsubscribe

Is the news above more than a day old?
Try the refresh button on your browser.

Top News Articles

Visit Our Sponsors

Proactivefutures.com

Financial Web
Get the knowledge you need on FOREX trading, including FOREX fundamentals, at Financial Web.

TransworldFutures.com

Futurestraining.com

Advertise with us >

Invest In Yourself




Millionaire Traders at Amazon.com
Check out this book
at Amazon.com.







You

can observe a lot

just by watching.




Yogi Berra



Who Reads Us?

Have you ever wondered who reads this site? Now you can find out at:

Look Who's Reading Dailyfutures.com... >

If you enjoy our free news and market information, please email me your name, occupation, and country and I will add you to this impressive list of readers.
Thank you.

Send your email >

Special Thanks To:

USA Today -
for the Hot Site award and...
Investment Reference -
for the Excellence Award:

USA Today award received 9-11-2000.

Consultant to the commodity 
futures industry

A No-Spam Guarantee:
Dailyfutures, Inc. does not engage in spam email practices. The daily news email is only sent to those that request it and each email includes an unsubscribe link. Some have received spam that was made to look like it came from us, but it did not. Until a better solution to this problem can be found, I urge you to obtain a good spam filter - just make sure that it accepts our news email. Thank you.
Do you know someone that would appreciate our free futures news and market information? Tell them about us.
Risk Disclaimer:
The comments and information above belong to Dailyfutures, Inc. and they may be wrong. None of the content on this site should be taken as a personal recommendation or substitute for your own judgement. Futures trading involves substantial risk, may result in serious financial loss, and is not suitable for everyone. Any investment decision that you make is solely your responsibility. If you find any site linked to Dailyfutures.com to be fraudulent or unduly offensive, please let us know and we will correct the situation.

Copyright 2008 . . All rights reserved . . Dailyfutures, Inc. - 17103 Corby Street - Omaha, NE 68116 . . Send us an email >