$45 trillion to combat global warming ... and other news you can use

$45 trillion needed to combat warming- The world needs to invest $45 trillion in energy in coming decades, build some 1,400 nuclear power plants and vastly expand wind power in order to halve greenhouse gas emissions by 2050, according to an energy study released Friday.

More on this story HERE.

Mexico sees lower oil exports for 2008 Pemex Chief Executive Jesus Reyes Heroles said the state-run company's oil exports were headed for an average of 1.40 million to 1.45 million barrels per day over 2008, around 15 percent below a goal set in Mexico's 2008 budget of 1.683 million bpd. The estimation is also well below an average export level of 1.686 million bpd in 2007.

Crude Oil Rises a Second Day on Supply Concerns, Dollar Outlook ``People are really responding to longer-term supply issues,'' said John Vautrain, vice president at consultants Purvin & Gertz Inc. in Singapore, in an interview with Bloomberg Television. ``Every time we hear good news about some big new find somewhere you have to counteract that with the news that there are a couple of million barrels a day disappearing from the market every year just because of natural declines.''

Corn Reaches Record, Soybeans at Three-Month High on Heavy Rain in Midwest Corn climbed for a third day to a record and soybeans rose to a three-month high in Chicago as excessive rains in the U.S. Midwest flooded some fields, raising concerns about slowing crop development and production losses.

Gold Gains in London Trading Before U.S. Jobs Report; Platinum Also Climbs Gold led precious metals higher in London on speculation a U.S. jobs report will indicate slower economic growth, buoying investor demand for a hedge against declines in the U.S. dollar.

Apache May Take Two Months to Restore Partial Gas Supply to West Australia Western Australian natural gas output may be reduced for the next two months because of an explosion, cutting supplies to Rio Tinto Group, Alcoa Inc. and Newcrest Mining Ltd. at a time of rising metals demand and prices.

China May Auto Sales Grow at Faster-Than-Expected Pace of 16% After Quake China's passenger-car sales grew a faster-than-expected 16 percent last month, as demand spurred by economic growth withstood the effects of the country's deadliest earthquake in 32 years.

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News You Can Use for Thursday -- Silver, Gold, Oil and More

Potentially HUGE news for platinum (and not good news) ...

New Mitsui Mining Autocatalyst Uses Silver, Not Platinum

Mitsui Mining and Smelting Co Ltd said on Wednesday it has developed a new catalyst for diesel engine cars that replaces the use of platinum with silver, a less conventional but much cheaper metal.

By substituting platinum with silver, the cost of precious metals in the production of autocatalysts, which clean car exhaust fumes, would be cut by more than 90 percent, the company said.

Bloomberg has MORE. However, the company won't start selling these new autocatalysts until 2012.

Rice Climbs Above $25 For First Time as Wal-Mart's Unit Limits Purchases Rice advanced above $25 for the first time as Wal-Mart Stores Inc.'s Sam's Club warehouse unit restricted purchases of some types of rice in the U.S.

XX a friend of mine with connections at Costco (!!) tells me that the price of Basmati rice at that retailer is going up on April 28th.

Soybeans Rally on Concern of Reduced Supply in Argentina as Strike Resumes
Farmers went on strike last month for three weeks leading to food shortages across the South American nation. Argentina is the world's third largest soybean supplier and leader in the sale of animal feed and vegetable oil made from soybeans.

Farmers need dry weather or food costs could go even higher
Experts said prices could rise more if a wet spring continues across the nation's midsection and further delays farmers from planting crops in muddy fields. Supplies already are tight and worldwide demand for grain shows no sign of letting up.


Gold Falls for a Sixth Day in London as Dollar Strengthens Against Euro Gold declined for a sixth trading session in London as the dollar strengthened against the euro, eroding demand for the precious metal as a hedge against further drops in the U.S. currency.

Brazil Oil Finds May End Reliance on Middle East, Forecaster Zeihan Says Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said.

Check out my new gold and energy blog at MoneyAndMarkets.com

News For Thursday -- Agriculture, Energy and More

AGRICULTURE

Philippine Rice Tender Attracts Two-Thirds of Grain Sought as Prices Soar The Philippines, the world's biggest rice importer, received offers for just two-thirds of the grain it sought at a government tender today, stoking concern about a food shortage amid record prices.

Egypt Plans to Reduce Rice Plantings to Save Water, Increase Corn Acreage Egypt, Africa's largest rice exporter last year, will reduce the land allocated for planting the grain to save water and encourage farmers to grow more corn, Agriculture Minister Amin Abaza said.

India Buys 7% More Wheat From Farmers, Boosting Reserves to Curb Inflation India, the world's second-biggest wheat grower behind China, has bought 7 percent more wheat from farmers this year to bolster state reserves that may be used to curb inflation running near a three-year high.
Chicago Rice Futures Advance to Record, Leading Gains in Wheat, Soybeans Rice futures in Chicago soared for a fourth day, reaching a record as Turkey and the Philippines seek to buy the grain amid dwindling global supplies. Wheat, corn and soybeans gained.

White Sugar Trades at Six-Week High as Record Oil Spurs Demand for Ethanol White, or refined, sugar traded at a six-week high in London as crude oil rose to a record, spurring demand for alternative fuel additives such as ethanol. Cocoa and coffee also gained.

METALS

Platinum Gains to Five-Week High on South Africa Power Shortage; Gold Up Platinum climbed to the highest in almost five weeks and gold rose in London on speculation power shortages in South Africa will curb growth in supply as demand for the precious metals increases.

ENERGY

Crude Oil Rises to Record on Unexpected Decline in Supplies, Weaker Dollar Oil rose to a record after the U.S. Energy Department reported an unexpected decline in the country's crude and gasoline inventories and the dollar traded at an all- time low against the euro, boosting investment in commodities.

CURRENCIES

China's Yuan Advances to Post-Peg High as Wen Says Curbing Prices Priority The yuan rose to the strongest since a link to the dollar was scrapped in 2005 after Premier Wen Jiabao reiterated the government's priorities are to prevent economic overheating and temper inflation.

Dollar Rises Versus Euro as Reuters Reports Juncker Says G-7 Misunderstood The dollar rose from a record low against the euro as Reuters reported Luxembourg Finance Minister Jean-Claude Juncker said financial markets have misunderstood the Group of Seven's position on currency volatility.

Check out my new gold and energy blog at MoneyAndMarkets.com

Monday Is Chart Day

The stock market seems to be on the Slip 'n' Slide of Doom, but select commodities are another story. Take a look at these charts ...
Put on your crash helmets, folks, it's going to be a wild ride today!

Check out my new gold and energy blog at MoneyAndMarkets.com

News You Can Use for Thursday

Economy
Economy May Slow Tech Industry's Growth Just a few months ago, IDC was expecting the U.S. tech market to grow 5.5 percent in 2008. The company pushed its estimate down to 3 percent to 4 percent as the mortgage crisis heightened and rising high oil prices enhanced the prospect of a recession next year, IDC senior researcher Frank Gens Sr. said.

Surge in Auto-Loan Delinquencies Is Latest Trouble for the Economy Delinquencies in the auto-loan market are ticking up to their highest level in several years. Lenders are tightening terms in some cases, and interest rates have risen from the rock-bottom levels of a few years ago. About $575 billion in loans for new and used cars are made annually, according to the National Automotive Finance Association.

Bush, Paulson Forge Subprime Accord in Bid to Prolong Faltering Expansion President George W. Bush today will announce a freeze on some subprime mortgages in an effort to stop a wave of foreclosures undoing the six-year expansion.

ENERGY

Crude Oil Falls to Six-Week Low as Fuel Stockpiles Signal Demand Slowdown Crude oil fell to a six-week low on speculation that slower global economic growth may curb fuel consumption.

Study finds that linked wind farms can result in reliable power Wind power, long considered to be as fickle as wind itself, can be groomed to become a steady, dependable source of electricity and delivered at a lower cost than at present.

ASIA

Platinum Jewelry Sales May Increase in China for the First Time Since 2003 China's platinum jewelry sales, the world's biggest, may increase for the first time in four years, driven by rising incomes in the world's fastest-growing major economy, according to Johnson Matthey Plc.

GM Will Invest as Much as $5 Billion in China to Meet Growing Car Demand General Motors Corp., the world's largest automaker, plans to invest as much as $5 billion in China over the next five years to expand its share of the world's fastest-growing major car market.

Australia Cuts Commodity Earnings Forecast a 2nd Time on Currency, Drought Australia, the world's biggest exporter of coal, iron ore and wool, cut its forecast for commodity earnings for a second time this year because of drought and gains in the local currency

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Easy Come, Easy Go

From the Bloomberg News Service today ...

1) Nov. 22 (Bloomberg) -- Platinum slumped the most in more than six years in London, declining from a record, as some investors doubted the prospect of an exchange-traded fund being introduced for the precious metal.

XX Sean's note -- it was just two days ago that platinum SOARED the most in six years. I'd hate to be one of the guys who bought that rally. Ouch. But if you did, don't worry too much. It should work out eventually. Anyway, it's hard to put too much stock in market action in a holiday week -- that's why most of us don't trade around the holidays.

2) Nov. 22 (Bloomberg) -- Crude oil fell more than $1 per barrel after an Energy Department report showed that U.S. oil and gasoline inventories jumped. Crude-oil stockpiles rose 5.16 million barrels to 341.1 million in the week ended Nov. 17, the report showed. The gain left supplies the highest since the week ended June 30. Gasoline inventories rose 1.41 million barrels to 201.7 million, the first increase in six weeks. Analysts surveyed by Bloomberg News expected a 700,000 barrel oil supply gain and a gasoline drop.

XX Sean's note -- again, just yesterday we saw prices of crude jump after shipments through the Alaska pipeline were cut by 65% and OPEC growled about cutting production again. Well, I'm still waiting for oil to close over the $62 area before I turn bullish again.

Check out my new gold and energy blog at MoneyAndMarkets.com