There are two trading days left in 2013 and little market news expected. So it will be up to light volume and the few traders left at home to move the markets. It has been a good year for equities with the S&P 500 up 29%. (Fox Business News)
Wheat farmers are harvesting a record crop for the 4th time in 6 years adding to a global grain glut and reducing prices to restaurants and bread makers. Production will be up almost 8% in 2013. Cereal costs tracked by the United Nations fell 24% in the last year, more than any food group. The world’s largest wheat exporters in order are the US, Canada, Australia and Russia. (Bloomberg)
Why are the airlines in love with those bag fees? They are the big reason for record profits in 2013. In 2010 those ancillary fees made up 4.2% of airline revenue. In 2013 that will rise to 6% of revenue. Without these fees the airlines would be losing money. (Reuters)
Darden Restaurants, owners of the Olive Garden, are making some changes. After seeing profits fall 41% last quarter the company is spinning off Red Lobster from its other faster growing properties including the Olive Garden. (Seeking Alpha)
Christmas is over but tree growers are counting their money. Oregon produced the most trees with 6.4 million trees sold. About 45% of Oregon trees go to California, 13% stay in state and 10% go to Mexico. (OregonLive)
