Quick Overview

• U.S. Exports in March were up $2.1 billion to $114.7 billion while imports were down $1.5 billion to $176.7 billion. The difference of $62.0 billion is less than expected.
  

• The University of Michigan's consumer sentiment index dropped from 87.4 to 79.0 in May, more than projected and the lowest reading in seven months.
  

• Canada's exports were up 1.1% in March while imports were up 3.6%.
  
  

• The USDA released its first estimates of 2006-2007 U.S. ending stocks for grains:
  Corn at 1.141 billion bushels, down from 2.226 billion bushels in 2005-2006. The USDA raised its forecast of corn use by the ethanol industry for the coming crop year by 550 million bushels, or 34%.
  Soybeans at 650 million bushels, up from 565 million bushels in 2005-2006.
  Wheat at 447 million bushels, down from 547 million bushels in 2005-2006.
  Sugar at 870,000 tons, down from 1.437 million tons in 2005-2006.
  Cotton at 4.90 million bales, down from 6.50 million bales in 2005-2006.
  

• The USDA estimated 2006-2007 world ending stocks for:
  Corn at 92 million tons, down from 129 million tons in 2005-2006.
  Wheat at 128 million tons, down from 144 million tons in 2005-2006.
  Cotton at 47 million bales, down from 52 million bales in 2005-2006.
  

• The USDA kept its estimate of the Florida orange crop unchanged at 153 million boxes, but increased the projected juice yield from 1.61 to 1.62 gallons per box at 42.0 degrees Brix.
  

• The International Energy Agency reduced its forecast of 2006 world demand by 220,000 barrels a day.