Quick Overview

• U.S. jobless claims were up 4,000 to 340,000 last week.
  

• The U.S. Commerce Department said that retail sales were 1.4% higher in April.
  

• The USDA's 2005-2006 U.S. ending stocks estimate for:
  Corn is 2.540 billion bushels, up from 2.214 billion bushels in 2004-2005.
  Soybeans is 290 million bushels, down from 355 million bushels in 2004-2005.
  Wheat is 678 million bushels, up from 541 million bushels in 2004-2005.
  Sugar is 759,000 tons, down from 1,343,000 tons in 2004-2005.
  Cotton is 6.30 million bales, down from 7.10 million bales in 2004-2005.
  

• The USDA's 2005-2006 world ending stocks estimate for:
  Corn is 122 million tons, down from 129 million tons in 2004-2005.
  Wheat is 147 million tons, down from 150 million tons in 2004-2005.
  Cotton is 45 million bales, down from 49 million bales in 2004-2005.
  

• The USDA kept its estimate of Florida's orange production at 151 million boxes, but increased the estimated juice yield from 1.58 to 1.60 gallons per box at 42.0 degrees Brix.
  

• The USDA estimated this year's U.S. winter wheat production at 1.59 billion bushels, up 6% YoY.
  

• Bullish outlook for FedEx ..FedEx reiterated that it expects profit to range between $1.40 per share to $1.50 per share for the fiscal fourth quarter ending May 31.

• Shipbuilder continuing to book new orders... the world's three largest shipyards, have been winning orders at record prices to build more technologically complex vessels.

• YoY Germany's GDP was up 1.0% in the first quarter.
  

• Australia's unemployment rate stayed at 5.1% in April.
  

• The U.S. Department of Energy said that underground natural gas supplies were up 54 billion cubic feet last week to 1.509 trillion cubic feet. Supplies are now up 17% from a year ago.
  

• Italy's GDP contracted 0.5% in the first quarter of 2005, weaker than expected.