03.10.11 Review

Economic Reports

China : Merchandise Trade Balance
level Prior $6.45 B Est $4.5 B Act $-7.3 B
Imports were up 19.4% while exports rose 2.4%. 5th straight month that imports grew more than exports. (The Chinese New Year Holiday may have affected exports more than imports.)


United States : International Trade

Trade Balance Level Prior $-40.6 B Revised $-40.3 B Range $-42.2 B to $-39.7 B Act $-46.3 B



Weekly Jobless Claims  (Click to view report)

New Claims - Level Prior 368 K Revised 371 K Est 385 K Range 370 K to 400 K Act 397 K
4-week Moving Average - Level Prior 388.50 K Revised 389.25 K Act 392.25 K

EIA Natural Gas Report (Click to view EIA Report)


Weekly Change -85 bcf -71 bcf
Analysts were looking for a 80bcf draw

Other News Items

 USDA International Weather Summary
North America
Of particular concern was winter wheat on the central and southern High Plains, which—in addition to the February temperature swings—has been adversely affected by drought. In contrast, snow continued to accumulate across the northern Plains and upper Midwest, increasing the likelihood of spring flooding

South America
In Brazil, weather conditions remained generally favorable for soybeans and other summer row crops, as well as coffee, sugarcane, and citrus.

Russia
Near- to below-normal precipitation was observed in most primary winter crop areas, although wetter-than-normal weather (mostly snow) prevailed in western portions of Ukraine and Belarus.

India
February warmth in India aided the development of wheat and rapeseed, previously slowed by cold conditions. Late-month showers provided favorable
moisture for winter crops entering reproduction.

China
Light rainfall late in February eased short-term dryness across winter crop areas of China and provided beneficial moisture for wheat and rapeseed breaking dormancy

Australia
In February, occasional showers throughout most of southern Queensland and northern New South Wales maintained abundant moisture supplies for reproductive summer crops.

South Africa
In February, drier-than-normal weather reduced moisture levels for filling corn in eastern sections of the corn belt. Drier conditions also prevailed in sugarcane areas of KwaZulu-Natal, but scattered showers were overall beneficial for summer crops in western sections of the corn belt.

USDA WASDE Report

La Niña update

Platts press release on OPEC Feb Production Increase

Comex Silver Inventories up 500,000