Thursday, June 26, 2008

Quick Overview

  • U.S. GDP rose 1.0% in the first quarter and up 2.5% YoY.

  • U.S. existing home sales were at an annual rate of 4.99 million units, up 2.0% in May. At the current sale pace, this represent a 10.8 month supply.

  • The state agricultural secretariat in Parana, Brazil said that recent frosts there have cut corn production by 1.3 million tonnes, or 20%.

  • The International Grains Council lowered its world production forecast for corn by 7 million tonnes to 756 million tonnes.

  • The International Grains Council raised its estimate of 2008/09 world wheat production to a record 658 million tonnes. This is up 8 million from their last estimate.

  • A Goldman Sachs analyst said investors should sell Citigroup shares short as losses mount from troubled debt.

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