- U.S. Treasury Secretary Paulson said that problems in the subprime mortgage loan sector could be contained and would not hurt the overall economy. He also repeated that a strong dollar was in the U.S. interest and currency values should be set in free and open markets.
- The USDA said there were 10.737 million head of cattle on feed on July 1st, down 1% YoY.
- The USDA said frozen pork inventories were up 14% YoY.
- The USDA said that:
62% of the corn crop was good to excellent, down from 64% last week.
61% of the soybean crop was good to excellent, down from 62% last week.
75% of the spring wheat crop was good to excellent, down from 76% last week.
56% of the cotton crop was good to excellent, up from 55% last week.
- F.O. Licht, increased its estimate of the world 2006-2007 sugar crop by 5.5 million tons to 167.3 million tons.
- The Agriculture Department sent $1.1 billion in farm payments to more than 170,000 dead people over a seven-year period, congressional investigators say.
- Starbucks Corp will raise U.S. prices on coffee, lattes and other drinks by an average of 9 cents a cup :((
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