Quick Overview

• Officials from the Federal Reserve on Saturday warned of dangers from a rising tide of trade disputes and the harmful impact on what one otherwise termed a "resilient" U.S. economy
  

• U.S. Durable goods orders rose 5.9% in July, more than expected. Excluding transport orders rose 3.7%.
  

• The U.S. Census Bureau said new home sales were at an annual rate of 870,000 in July, up 2.8% from June's rate. So far in 2007, new home sales are down 21% YoY.
  

• U.K.'s GDP rose 0.8% in the second quarter and up 3.0% YoY.
  

• An index of manufacturing and services in Europe fell from 57.5 to 57.2 in August.
  

• Smithfield Foods received an order to deliver 60 million pounds of pork to China by the end of December.
  

• Pork shipments from 15 U.S. production plants have been suspended by China this month
  The Chinese say they have found traces of Ractopamine in the meat from the plants. Ractopamine is legal in the U.S. but banned in China.
  

• Dubai gold sales rose 33% in July despite high prices.
  

• The International Sugar Organization estimates 2007-2008 world sugar production at 169.6 million tons, 10.8 million tons over consumetion.
  

• Brazil's Ag Ministry estimates the current coffee crop at 32.6 million bags.
  

• The International Copper Study Group said that in the first five months of 2007, world usage of copper outpaced production by 300,000 tons.
  
  

• In China, the era when overseas executives could rely on translators is ending. The Chinese government now requires top executives at securities firms to pass written and oral exams in Mandarin, the national tongue, and Chinese managers expect meetings to be conducted in their own language.
  
  
  

• Pro Farmer, estimates 2007 U.S. corn production at 13.109 billion bushels with a yield of 153.47 bushels per acre. The firm pegged U.S. soybean production at 2.658 billion bushels with a per acre yield of 42.0 bushels.