Quick Overview

• Federal Reserve governors said on Monday it was still unclear how much further interest rates need to rise to achieve correct levels of balance between growth and inflation.
  
  

• The International Monetary Fund expects the U.S. economy to grow by more than 3 percent this year, with the world economy growing at more than 4 percent, according to European newspaper reports on Monday.
  

• Japanese machinery orders, a key gauge of capital spending, rose 3.4% in February, a sign that strong investment by companies is likely to keep underpinning a steady recovery.
  

• YoY Singapore's GDP was up 9.1% in the first quarter.
  
  

• The first ETF (USO) allowing U.S. investors to engage directly (long and short) in the price of crude oil began trading on the American Stock Exchange.
  
  

• New ultralow-sulfur diesel fuel, which is due out later this year, should be ready on time, but it may be a tough, irritating and expensive, engineers from the federal government and two oil companies told a trucking industry conference.
  
  
  

• The USDA 2005-2006 U.S. ending stocks estimate for:
  Corn was reduced from 2.351 to 2.301 billion bushels.
  Soybeans were unchanged at 565 million bushels.
  Wheat was reduced from 542 to 532 million bushels.
  Sugar was reduced from 1.51 to 1.50 million tons.
  Cotton was reduced from 6.60 to 6.50 million bales.
  

• The USDA's 2005-2006 world ending stocks estimate for:
  Corn was reduced from 130 to 129 million tons.
  Soybeans were reduced from 54.4 to 53.8 million tons.
  Wheat was increased from 142.6 to 143.1 million tons.
  Cotton was reduced from 53.3 to 52.9 million bales.
  

• The USDA's estimate of Brazil and Argentina's soybean crop was reduced from 3.64 to 3.58 billion bushels, this is still 6% more than last year.
  
  
  

• The USDA lowered its estimate of Florida's 2005-2006 orange crop from 154 to 153 million boxes, but raised the anticipated juice yield from 1.58 to 1.61 gallons a box at 42 degrees Brix.
  
  

• The Brazilian government lowered its estimate of the forthcoming coffee crop from 42.0 to 40.6 million bags.