Quick Overview

• U.S. wholesale sales rose 0.6% in June
  

• U.S. Inventories rose 0.5%.
  

• The California Air Resources Board mandated that gasoline sold in the state include 10% ethanol by the end of 2009. California consumed 1 billion gallons of ethanol this year and the new rules will likely double that figure.
  

• Wheat rose to a record in Chicago, on speculation that demand for U.S. grain will climb because of unfavorable weather for crops in the U.S., Europe, Canada, Australia, Ukraine and Argentina.
  

• Dow-Jones News said this year's drought in China will mean "China is likely to import millions tons more of soybeans in the coming crop year than earlier expected."
  

• The U.S. Department of Energy said that:
  Supplies of crude oil fell 4.1 million barrels last week to 340.4 million barrels.
  Supplies of gasoline fell 1.7 million barrels
  Supplies of heating oil rose 1.9 million barrels.
  Demand for gasoline was up 0.8% YoY
  Demand for distillate rose 4.2% YoY