Quick Overview

• (Reuters) - European governments have agreed in principle to help heavily indebted Greece, a senior German coalition source said on Tuesday, in what would be the first rescue of a euro zone member in the currency's 11-year history.
• Billionaire investor George Soros said he is confident Greece will “do whatever is necessary” to remain a member of the Euro.

• U.S. wholesale sales rose 0.8% MoM and 5.7% YoY
  
  

• The USDA estimates 2009-2010 U.S. ending stocks for:
  Corn was reduced from 1.764 to 1.719 billion bushels.
  Soybeans were reduced from 245 to 210 million bushels.
  Wheat was increased from 976 to 981 million bushels.
  Sugar was reduced from 1.140 to 1.055 million tons.
  Cotton was reduced from 4.3 to 3.3 million bales.
  
  
  
• The USDA estimates 2009-2010 world ending stocks for:
  Corn was reduced from 136 to 134 million tons.
  Soybeans were reduced from 59.8 to 59.7 million tons.
  Wheat was increased from 195.6 to 195.9 million tons.
  Cotton was increased from 51.7 to 52.1 million bales.
  
  
• The USDA estimate of the Brazil's soybean crop was raised from 65 to 66 million tons.
  
• The USDA estimate of the Argentinean soy crop was kept at 53 million tons.
  
• The USDA reduced its estimate of the 2009-2010 Florida orange crop from 135 to 129 million boxes. Juice yield was lowered from 1.60 to 1.56 gallons per box.
  
  
• The USDA raised its estimate of 2010 beef production from 25.50 to 25.65 billion pounds.
  
• The USDA reduced its estimate of 2010 pork production from 22.6 to 22.5 billion pounds.

• U.S. soyoil production is expected to increase, thanks to a recent decision by the Environmental Protection Agency that soyoil-based biodiesel will qualify for government production mandates, the U.S. Department of Agriculture said.
  
  

• Brazilian ethanol mills are reaching out to chemical companies to develop plastics and other products in a bid to diversify. The mills harvest sugar cane and crush it into sugar or ethanol, but the operators are now looking to earn new revenue by sourcing ethanol as a raw material.
  
  

• The agricultural survey group of Brazil's Census Bureau, the IBGE, on Tuesday put the upcoming 2010 coffee crop at 46.8 million 60-kilogram bags. IBGE's new data is 15% above the 2009 crop.
  
  

• National Commodities Supply Corp., or Conab, on Tuesday pegged Brazil's 2009-10 soy crop at 66.7 million metric tons. Conab's fifth crop estimate for the record-breaking 2009-10 soy crop is 16.7% above the 2008-09 crop of 57.2 million tons

• Thailand will likely produce 6.62 million metric tons of sugar this crop year, down 7.9%, Office of Cane & Sugar Board Secretary General Prasert Tapaneeyangkul said Wednesday.

• India's federal government may ask state-run trading firms to import refined white sugar and offer them a subsidy to bridge a shortfall in the local market, a government official said