The U.S. Commerce Department said that real GDP was down an annual rate of .3% in the third quarter, not as bad as expected. Real GDP was up .8% and current-dollar GDP was up 3.4% in the third quarter from a year ago.
The U.S. Labor Department said that jobless claims were unchanged last week at 479,000. The September eurodollars are steady to lower.
The economic news continues to look bad, but the December U.S. dollar index is trading lower again as the anxiety levels appear to be easing, thanks to numerous central bank interventions and yesterday's .50% reduction in the federal funds rate.
Grains and Cotton
The USDA said that, as of last week, 2008-2009 exports of:
Corn fell from down 26% to down 30% from a year ago.
Soybeans improved from down 35% to down 18% from a year ago.
Wheat slipped from down 10% to down 11% from a year ago.
Cotton improved from down 13% to down 10% from a year ago.
November soybeans are steady to lower.
Today's USDA Drought Monitor map shows improvement in the Dakotas, but extreme drought conditions remain in the western half of the Dakotas and southern Texas. December wheat is steady to lower.
Energies
The U.S. Department of Energy said that underground supplies of natural gas were up 46 billion cubic feet last week to 3.393 trillion cubic feet, a little more than expected. Supplies are now down 3% from a year ago and up 3% from the five-year average. December natural gas is trading lower.
Exxon Mobil said that it earned a record high $14.8 billion in the third quarter, helped by the sale of a natural gas business in Germany.
The Swiss firm, UBS, reduced its forecast for oil prices, saying now that West Texas crude oil will average $60 per barrel in 2009.
Metals
The world's largest gold producer, Barrick Gold, said that it earned $254 million in the third quarter, down 26% from a year ago. The company also expects gold production to total 7.7 million ounces in 2008, down 4.5% from a year ago, and have a production cost of roughly $435 per ounce. December gold is steady.
The world's third largest gold producer, AngloGold Ashanti, reported a 1% increase in gold production to 1.27 million ounces in the third quarter. Production costs were said to be roughly $486 per ounce.
