Quick Overview

• U.S. personal incomes were up 0.4% in May and consumer spending was up 0.4%.
  

• The University of Michigan's consumer sentiment index increased from 79.1 to 84.9 in June, more than expected.
  

• The National Association of Purchasing Managers' index of Chicago business activity dropped from 61.5 to 56.5 in June.
  

• The unemployment rate in Japan improved from 4.1% to 4.0% in May, the lowest in eight years. YoY Japan's consumer prices were up 0.6% in May.
  

• YoY GDP growth in the U.K. was revised from an increase of 2.2.% to 2.3% in the first quarter
  

• Germany's retail sales were down 2.2% in May, but up 1.9% YoY.
  

• The USDA estimated U.S. planted acres this spring:
  79.4 million acres of corn, down 3% from a year ago, but up 2% from the March estimate.
  74.9 million acres of soybeans, up 4% from a year ago, but down 3% from the March estimate.
  57.9 million acres of (all) wheat, up 1% from a year ago and up 1% from the March estimate.
  15.3 million acres of cotton, up 7% from a year ago and up 5% from the March estimate.
  

• The USDA reported U.S. grains stocks as of June 1st:
  4.36 billion bushels of corn, up 1% from a year ago.
  990 million bushels of soybeans, up 42% from a year ago.
  568 million bushels of all wheat, up 5% from a year ago.