Economic Data

Wholesale Trade

	Prior	Actual
Inventories - M/M change	1.1 %	1.0 %

Market Activity

Grains +2.21%

O+5.35% W+3.14%BO+2.49%S+2.11%SM+1.80%C+1.19%RS+1.17% RR+0.44%

USDA WASDE Report http://usda.mannlib.cornell.edu/usda/current/wasde/wasde-04-08-2011.pdf

Bloomberg Grain Report http://www.bloomberg.com/news/2011-04-08/corn-rises-on-signs-higher-cost-failing-to-slow-demand-wheat-prices-gain.html

Oats reversed yesterdays limit-down action by closing up the daily price limit

Energies +1.79%

HO+3.55% RB+2.33%CL+2.26% Ethanol +1.19% NG-0.39%

Platts OilBlog http://www.platts.com/BlogDetails/oilblog

Metals +1.72%

SI+2.67% HG+1.92% PA+1.79% PL+1.20% GC+1.01%

Currencies +0.27%

EC+0.95% SF +0.69% AD+0.68% MP+0.36%BP+0.21% CD+0.12%         USD -0.98%

Financials -0.07%

ED +0.01% TU-0.03% FV -0.08% TY -0.08% US -0.11%

Indices -0.55% VIX +1.47% CRB +0.95%

YM-0.20% ES-0.36%          NQ-0.48% EW-0.68% RJ-1.04%

NYSE volume 585M shares, about 18% below its three-month average; decliners lead advancers by 2.5:1.
NASDAQ volume 1.33B shares, about 15% below its three-month average; decliners lead advancers by 2.6:1.
- VIX index +6% at just over 18.00

Softs -1.65%

OJ +0.94% KC+0.79% CC-0.44% CT-2.52% SB-3.17% LB-5.48%

Cotton sold-off on a “buy the rumor-sell the fact” reaction to the USDA report that showed lower ending stocks thatn the previous report

1Q Earnings Week 1

27 Reports  22 above last year 5 below last year Spreadsheet of Earnings Results

16 Above Expectations

4 Matching

7 Below

CFTC Reports

CFTC Commodity COT (Combined)

04.07.11 Market Wrap

Economic Data

BOJ Rate Announcement

Change	Prior 0 bp	Est 0 bp	Actual 0 bp
Level	0-0.1 %	0.1 %	0.1 %

BOE  Rate Announcement

change	Prior 0 bp	Est 0 bp	Actual 0 bp
Level	0.5 %	0.5 %	0.5 %

ECB Rate Announcement

Change	Prior 0 bp	Est +25 bp	Act +25 bp
Level	1.0 %	1.25 %	1.25 %

US Weekly Claims  

Read Entire Weekly Jobs Report Here

New Claims - Level Prior 388 K  Revised 392 K Est 385 K Range 380 K to 390 K

Act 382 K

 4-week Moving Average - Level Prior 394.25 K Est 395.25 K Act 389.50 K

Natural Gas Storage Report    Link to EIA website

EIA Natural Gas Storage Data

Total (04/01/11): 1,579 Bcf 

Total (03/25/11): 1,624 Bcf 

Change: -45 Bcf 

Year ago stocks: 1,665 Bcf

% diff to yr ago: -5.2 % 

5-year avg stocks: 1,569 Bcf

% dif to 5-yr avg: 0.6 % 

Summary
Working gas in storage was 1,579 Bcf as of Friday, April 1, 2011, according to EIA estimates. This represents a net decline of 45 Bcf from the previous week. Stocks were 86 Bcf less than last year at this time and 10 Bcf above the 5-year average of 1,569 Bcf. In the East Region, stocks were 87 Bcf below the 5-year average following net withdrawals of 52 Bcf. Stocks in the Producing Region were 119 Bcf above the 5-year average of 623 Bcf after a net injection of 2 Bcf. Stocks in the West Region were 23 Bcf below the 5-year average after a net addition of 5 Bcf. At 1,579 Bcf, total working gas is within the 5-year historical range.

Consumer Credit

Consumer Credit - M/M change

Prev $5.0 B

Revised $4.4 B

Est $5.0 B

Range $-2.0 B to $5.5 B

Act $7.6 B

Price Action

Currencies +0.15%

JY +0.56% SF +0.37%AD +0.21% MP +0.12% USD +0.06% CD +0.02% BP -0.07% EC -0.22%

Metals +0.13%

HG +1.10% SI+0.78% GC +0.25% PL-0.43% PA -0.98%

Platts Story on Rebound of Chinese Copper Demand

Financials -0.05%

FV+0.18% TU+0.10% TY +0.09% ED +0.02% US -0.24%

Indices -0.13%

CRB +0.59% VIX+0.50%  NQ +0.15% ES unch YM -0.06% EW -0.39% RJ -0.46%

Softs -0.19%

KC +2.89% OJ +0.64% CT +0.08% CC -0.40% SB 0.79% LB -3.54%
Bloomberg Report On Coffee

Energies -0.24%

CL +1.23%    HO +0.37% RB -0.44%  NG -2.17%

 Marketwatch Energy Review

Grains -1.69%

C -0.52% BO -0.78% RS -0.89% S -0.94% W -1.15% SM -1.32%    RR -3.23% O -4.72%

Technical selling pushed Oats lower by almost 5%. The May contract closed limit down as traders liquidated longs after the market failed to take out the  previous month's high 

2011 Hurricane Season Outlook

The Colorado State forecasting team is calling 16 named storms in the Atlantic basin between June 1 and Nov. 30.

Nine are expected to turn into hurricanes, with five developing into major hurricanes.

Compilation of 2011 Hurricane Prediction Articles from Bing.com

2011 Names

Arlene Bret Cindy Don Emily Franklin Gert Harvey Irene Jose Katia Lee Maria Nate Ophelia Philippe Rina Sean Tammy Vince Whitney

HURRICANE SEASON 2011 FORECAST * Trailer * - Stormtopia.com

Wrap for 04.06.11

ECONOMIC DATA

MBA Purchase Applications

Purchase Index - W/W Change	Prev -1.7 %	Current 6.7 %
Refinance Index - W/W Change	-10.1 %	-6.2 %
Composite Index - W/W Change	-7.5 %	-2.0 %

An increase in FHA insurance rates effect 04.01.11 was the driving force behind the increase in purchase activity. Although the 30 year  rate remained steady @ 4.93% refinancing activity declined, as fewer borrowers qualify for credit.

EIA Petroleum Inventory Report

http://tonto.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/pdf/highlights.pdf

Market Activity

Metals +0.72%

HG +2.47% SI +1.04% PL+0.65% GC+0.61%      PA -0.83%

Read Reuters article about trade reaction to Chinese rate hike.

http://www.reuters.com/article/2011/04/06/markets-metals-idUSLDE7350GF20110406

Indices+0.35%

YM +0.45% ES +0.41% RJ+0.39% NQ +0.29% EW +0.22% CRB -0.4% VIX – 1.0%

Currencies+0.28%

AD+1.00% EC+0.77% SF +0.73%CD +0.34% BP +0.30% MP +0.18% USD -0.47% JY -0.70%
Read Bloomberg story on FX moves

http://www.bloomberg.com/news/2011-04-06/yen-declines-on-speculation-boj-to-trail-central-banks-in-ending-stimulus.html

Grains-0.17%

SM+0.57% S+0.24%  O+0.13% BO-0.12% RR-0.21% C-0.49% W -0.51% RS -0.99%

Financials-0.37%

ED +0.01% TU-0.03% FV-0.19% TY -0.37% US -0.76%  

Energies-0.57%

CL+0.30% HO+0.09%RB -0.40% ZK -0.70% NG-2.13%
Read Bloomberg Energy story

http://www.bloomberg.com/news/2011-04-06/crude-oil-futures-pares-gains-after-u-s-government-releases-supply-report.html

Softs-0.75%

CT +3.48% CC +0.81% KC -1.16% OJ -1.17% SB -3.05% LB -3.42%
Read Bloomberg Cotton story

http://www.bloomberg.com/news/2011-04-06/cotton-futures-jump-most-in-two-weeks-in-new-york-on-u-s-supply-concerns.html

chart shows yesterday’s test of the 50d MA.

Market Wrap for 04.05.11

Economic Data

ICSC-Goldman Store Sales

Store Sales - W/W change	Prev 0.2 %	Current 2.3 %
Store Sales - Y/Y	2.6 %	2.8 %

 Redbook

Store Sales Y/Y change

Prev 2.6 %

Current 0.5 %

 ISM Non-Mfg Index

Composite Index - Level

Prev 59.7

Est 59.7

Range 57.7  to 68.8

Current 57.3

Growth in the service sector slowed in March. The Business Activity index fell 7 points. Employment activity fell 2 points to 53.7, which is still above 50 which indicates  that that employment activity is still moving higher but at a reduced pace. New Orders fell for the second month. Price pressure is still at elevated levels.

FOMC Minutes

FOMC Press Release

The FED sees the economic recovery is gaining traction. The minutes indicate inflation and inflationary expectations remain in check but close attention to these are merited.

Bernanke's Speech on Financial Reform

Price Activity

Metals +0.95%

SI +1.94% GC+1.66% PL+0.79% PA +0.74% HG-0.27%

Bloomberg Silver Market Story

Softs +0.26%

KC +4.76%  CT+2.82% OJ +0.48% CC-1.49%  SB-1.61% LB -3.32%

 Coffee led the "softs'complex higher on concerns over the quality of Kenyan coffee beans.

Grains +0.16%

O +1.49% RR+1.40% C+0.85% BO-0.05% RS-0.20% W-0.47% S-0.78% BM-0.95%

Add caption

Bloomberg Story on Corn

Currencies +0.05%

BP +0.99% CD+0.39% MP+0.27% EC+0.04% USD-0.05% SF-0.18% AD-0.27%  JY -0.92%

Indices +0.04%

CRB +0.37% RJ+0.28% EW+0.25% YM-0.07% ES -0.13% NQ-0.70% VIX -0.74

Energies -0.14%

ZK +0.70% RB+0.54% HO -0.01% CL -0.61% NG -1.40%

Financials -0.27%

ED -0.01% TU -0.09%  FV-0.31% US -0.36% TY -0.38% 

Recap 04.04.11

Price Movements

Grains +1.24%           

W +4.02% C +3.29% O +2.87% RR +0.76% BO +0.34% S -0.70% SM -1.08%

CME Group Wheat Research  

Record breaking heat is creating some of worst growing conditions in recent memory.

Metals +0.81%

SI +2.02% PA +1.26% PL +0.54% GC +0.34% HG -0.23%

Reuters Reports that silver at a 31 year high

Energies +0.47%

HO +1.26% RB +0.55% CL +0.51% NG -1.70%

News Story from PLATTS

Softs +0.32% 

SB +2.04% OJ +1.41% CC +0.30%   CT unch LB -0.34%    KC-1.48%

Financials +0.20%

FV +0.26% TY+0.24% TU +0.06%   US +0.05% ED +0.03%

Bloomberg Story on Lockhart Comments

Indices -0.08%

CRB +.73% DOW +0.04% ES -0.13% NQ -0.64% VIX -.78%