Quick Overview

• China's currency rose about 2 percent against the U.S. dollar at the start of trading on Friday, a day after the government cut the yuan's link to the dollar in a move that could make Chinese exports more expensive and foreign assets cheaper for China to buy.
  
  

• The USDA said that there were 10.402 million head of cattle on feed as of July 1st, up 2.7% from a year ago. June placements were up 7% from a year ago and marketing’s were down somewhat.
  

• The USDA said that there were 70.5 million pounds of frozen bellies in storage on June 30th, up 90% from a year ago -- less than expected. Frozen pork totaled 492 million pounds, up 32% from a year ago
  
  

• The USDA said that there were 1.55 billion pounds of frozen orange juice concentrate in storage, down 25% from a year ago.
  

• The Italian economy will shrink marginally this year for the first time since 1993 and expand by slightly more than 1 percent in 2006, Bank of Italy Governor Antonio Fazio said on Friday.
  

• GDP in the U.K. was up 1.7% in the second quarter from a year ago, the slowest growth in twelve years.
  

• Consumer prices in Canada were up 1.7% in June from a year ago, less than expected. Retail sales were down 1.3% in May to C$30.4 billion.