Quick Overview

• Thanks to the declining dollar, U.S. Trade deficit shrank to $59.8 billion from $60.5.
  

• (Bloomberg) -- Fannie Mae and Freddie Mac, the biggest providers of financing for U.S. home loans, tumbled for a third day as concern escalated that the government may be forced to start a rescue of the companies.
  

• The USDA estimates 2008-2009 U.S. ending stocks of:
  Corn was raised from 673 to 833 million bushels.
  Soybeans were reduced from 175 to 140 million bushels.
  Wheat was raised from 487 to 537 million bushels.
  Sugar was lowered from 1,273,000 to 607,000 tons.
  Cotton was reduced from 5.40 to 5.30 million bales.
  
  

• The USDA estimates 2008-2009 world ending stocks of:
  Corn was raised from 103 to 105 million tons.
  Soybeans were lowered from 50 to 49 million tons.
  Wheat was raised from 132 to 133 million tons.
  Cotton was lowered from 54 to 53 million bales.
  
  

• The USDA lowered its estimate of 2008 beef production from 26.83 to 26.57 billion pounds
  
  

• The USDA raised its estimate of 2008 pork production from 23.37 to 23.47 billion pounds.
  
  

• The USDA raised its estimate of the 2007-2008 Florida orange crop from 169 to 170 million boxes with a record high juice yield of 1.67 gallons per box.