Quick Overview

• The trade shortfall is rising again after two months of declines, pushed by oil prices and a flood of imports from China. U.S. exports were down $0.2 billion to $115.7 billion in April, while imports were up $1.4 billion to $179.1 billion.
  

• Canada's unemployment rate improved from 6.4% to 6.1% in May, the lowest in 31 years.
  Canada's exports were down 2.3% to C$37.1 billion in April, while imports were up 1.2% to C$33.1 billion.
  

• Machinery orders in Japan were up 10.8% in April, stronger than expected. Late yesterday,
  

• The USDA's 2006-2007 U.S. ending stocks estimate for:
  Corn was reduced from 1.141 to 1.091 billion bushels.
  Soybeans were increased from 650 to 655 million bushels.
  Wheat was reduced from 447 to 416 million bushels.
  Cotton remained at 4.90 million bales.
  Sugar was reduced from 870,000 to 822,000 tons.
  

• The USDA's 2006-2007 world ending stocks estimate for:
  Corn was 92 million tons, down from 130 million tons the previous year.
  Soybeans were 58 million tons, up from 55.5 million tons the previous year.
  Wheat was 128 million tons, down from 144 million tons the previous year.
  Cotton was at 47 million bales, down from 53 million bales the previous year.
  
  

• The USDA estimates the Florida orange crop at 153 million boxes, the USDA increased the projected juice yield from 1.62 to 1.62 gallons per box at 42.0 degrees Brix.
  
  
  

• The USDA estimated that 2006-2007 world ending coffee stocks would increase 1.27 million bags, to 21.75 million bags. Resulting in ending stocks to use ratio of 18%.