Quick Overview

• Manufacturers are gearing up to supply everything from construction materials to home appliances in the wake of Hurricane Katrina, the Wall Street Journal reported Monday
  
  

• Hurricane Katrina will not do lasting harm to U.S. growth and the impact on monetary policy is unclear, a top Fed policymaker said on Monday, in remarks that reinforce expectations for a rate hike next week.
  

• The U.S. Minerals Management Services update showed that 57% of oil production and 38% of natural gas production in the Gulf of Mexico remain closed.
  
  
  

• The USDA's 2005-2006 U.S. crop estimate for:
  Corn was increased from 10.350 to 10.639 billion bushels.
  Soybeans were increased from 2.791 to 2.856 billion bushels.
  Wheat remained at 2.167 billion bushels.
  Sugar was lowered from 7.991 to 7.964 million tons.
  Cotton was increased from 21.29 to 22.28 million bales.
  
  

• The USDA's 2005-2006 U.S. ending stocks estimate for:
  Corn was increased from 1.900 to 2.079 billion bushels.
  Soybeans were increased from 180 to 205 million bushels.
  Wheat was lowered from 634 to 624 million bushels.
  Sugar was increased from .785 to 1.014 million tons.
  Cotton remained at 7.0 million bales.
  

• The USDA's good to excellent crop rating for:
  Corn was 51%, unchanged from a week ago.
  Soybeans were 54%, unchanged from a week ago.
  Cotton was 65%, up from 64% a week ago.
  
  

• The International Monetary Fund urged Beijing to introduce more flexibility for its yuan currency to help protect the Chinese economy and help correct global trade imbalances.
  

• Japan's GDP was up 0.8% in the second quarter, stronger than expected. For the first half of 2005, the GDP was up an annual rate of 4.6%.