Jobless Claims

New Claims - Level	Prior 424 K	Rev 428 K	Est 420 K	Range 410 K to 430 K	Act 422 K
4-week Moving Average - Level	438.5 K	439.50 K			425.50 K

Fewer people applied for unemployment benefits

http://hosted.ap.org/dynamic/stories/U/US_UNEMPLOYMENT_BENEFITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-02-12-56-28

Productivity and Costs

Nonfarm productivity - Q/Q change - SAAR	Prior 1.6 %	Est 1.7 %	Range 1.5 % to 2.0 %	Act 1.8 %
Unit labor costs - Q/Q change - SAAR	1.0 %	0.8 %	-0.5 % to 1.2 %	0.7 %

US 1Q Nonfarm Productivity Revised Up To 1.8%;ULC Rev Down

http://imarketnews.com/?q=node/31675

Factory Orders

Factory Orders - M/M change

3.0 %

3.8 %

-0.9 %

-2.5 % to -0.5 %

-1.2 %

Factory orders broadly lower in April

http://www.reuters.com/article/2011/06/02/us-usa-economy-factory-idUSTRE7513KH20110602

EIA Petroleum Status Report

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

Crude oil inventories (weekly change)	Prior 0.6 M barrels	Actual 2.9 M barrels
Gasoline              (weekly change)	3.8 M barrels	2.6 M barrels
Distillates            (weekly change)	-2.0 M barrels	-1.0 M barrels

EIA Natural Gas Storage Data

http://ir.eia.gov/ngs/ngs.html

Total(05/27/11):2,107Bcf (05/20/11):2,024Bcf Change: +83Bcf Prior +105

Year ago stocks: 2,344 Bcf % diff to yr ago: -10.1 % 

5-year avg stocks: 2,149 Bcf % dif to 5-yr avg: -2.0 % 

Softs+1.01%

Sugar #11 +4.72%

Coffee +2.07%

Cotton #2 +2.03%

Orange Juice +0.88%

Cocoa -1.73%

Lumber -1.90%

           

Energies+1.00%

Natural Gas +3.41%

Heating Oil +1.10%

Ethanol Futures +0.45%

Crude Oil WTI +0.21%

Gasoline -0.26%

Oil Heads for Weekly Decline on U.S. Economy; Crude Stockpiles Increase

http://www.bloomberg.com/news/2011-06-02/oil-rises-0-5-percent-in-new-york-u-s-crude-stockpiles-unexpectedly-gain.html

Natural-Gas Futures Surge To 10-Month High After Storage Data

http://online.wsj.com/article/SB10001424052702303657404576361413563669114.html

Grains+0.78%

Soybeans +1.50%

Soybean Meal +1.47%

Wheat +1.38%

Corn +1.05%

Soybean Oil +0.82%

Canola +0.76%

Rough Rice +0.07%

Oats -0.78%

Wheat Futures Climb for Second Day on Weather Concerns in U.S., EU, Canada

http://www.bloomberg.com/news/2011-06-03/wheat-futures-gain-0-5-advance-for-second-day-in-chicago-corn-declines.html

Indices+0.12%

E-Mini Nasdaq 100 +0.41%

E-Mini S&P 500 +0.11%

Russell 2000 Mini +0.04%

E-Mini S&P Midcap -0.04%

DJIA Mini-Sized -0.20%

Stocks mixed on weak retail and jobless reports

http://hosted.ap.org/dynamic/stories/U/US_WALL_STREET?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-02-16-59-32

Currencies+0.08%

Euro FX +0.77%

Mexican Peso +0.26%

Australian Dollar +0.18%

Swiss Franc +0.02%

Japanese Yen +0.02%

British Pound -0.01%

Canadian Dollar -0.15%

U.S. Dollar Index -0.47%

Financials-0.41%

Euro $ unch

2-Year T-Note -0.04%

5-Year T-Note -0.15%

10-Year T-Note -0.28%

T-Bond -0.81%

Ultra T-Bond -1.49%

Metals-1.23%

Copper -0.28%

Platinum -0.32%

Gold -0.55%

Palladium -1.13%

Silver -3.99%

Recap of 5.19.11

Economic Data

http://www.dol.gov/opa/media/press/eta/ui/current.htm

	Prior	Prior Revised	Consensus	Consensus Range	Actual
New Claims - Level	434 K	438 K	425 K	410 K to 440 K	409 K
4-week Moving Average - Level	436.75 K	437.75 K			439.0 K

http://www.msnbc.msn.com/id/21134540/vp/43092522#43092522

	Prior	Prior Revised	Consensus	Consensus Range	Actual
Existing Home Sales - Level - SAAR	5.10 M	5.10 M	5.2 M	5.1 M to 5.4 M	5.05 M
Existing Home Sales - M/M Change	3.7 %				-0.8 %
Existing Home Sales - Yr/Yr Change	-6.3 %				-12.9 %

http://hotair.com/archives/2011/05/19/existing-home-sales-slip-0-8/

	Prior	Prior Revised	Consensus	Consensus Range	Actual
Leading Indicators - M/M change	0.4 %	0.7 %	0.0 %	-0.1 % to 0.4 %	-0.3 %

EIA Natural Gas Storage Data  

Total (05/13/11): 1,919 Bcf 

Total (05/06/11): 1,827 Bcf 

Change: 92 Bcf 

Year ago stocks: 2,154 Bcf

% diff to yr ago: -10.9 % 

5-year avg stocks: 1,955 Bcf

% dif to 5-yr avg: -1.8 % 

http://ir.eia.gov/ngs/ngs.html

Market Activity

Currencies+0.31%

MP +0.94% EC+0.61% AD+0.54% BP+0.46% CD+0.43%   JY+0.03% SF +0.03% USD-0.50%

http://www.bloomberg.com/news/2011-05-18/goldman-lowers-dollar-forecasts-versus-euro-on-weak-u-s-growth-prospects.html

Indices+0.19%

YM+0.35% NQ+0.29% EW+0.18% ES+0.15% RJ+0.07%  

http://online.wsj.com/article/BT-CO-20110519-714610.html

Financials unch

ZF+0.09% ZN+0.06% ZU+0.05% ED+0.01% ZB-0.05%

http://www.ft.com/intl/cms/s/0/39220a04-8214-11e0-a063-00144feabdc0.html#axzz1Mq3d12Ea

Grains unch

RR +0.84% RS+0.42% BO+0.28% SM+0.11% S unch C-0.20% W-0.61% O-0.82%

http://www.cmegroup.com/education/market-commentary/ag/2011/05/recap-corn_826.html

Softs-0.85%

LB+2.90% OJ+2.47% CC-0.53% KC-2.35% CT-2.63% SB-4.51%

Metals-0.88%

GC-0.16% SI-0.40% PL-0.61% PA-1.33% HG-1.45%

http://online.wsj.com/article/BT-CO-20110519-714682.html

http://video.ft.com/v/947537846001/Earthquake-and-euro-woes-hit-platinum           

Energies -1.08%

ZK +0.11% HO-0.27% RB -1.20% CL-1.55% NG-2.41%    

http://www.reuters.com/article/2011/05/19/us-markets-oil-idUSL3E7G601S20110519

http://www.marketwatch.com/story/big-hurricanes-forecast-for-later-this-year-2011-05-19

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