Quick Overview

• The U.S. trade deficit widened to $29.16 billion in April. Exports fell $2.8 billion to $121.1 billion while imports fell $2.2 billion to $150.3 billion.
  


• (Bloomberg) -- Russia may switch some of its reserves from U.S. Treasuries to International Monetary Fund bonds, the central bank said today.
  


• China's May Producer Price Index fell 7.2% YoY
  

• China's May Purchasing Price Index fell 10.4% YoY.

• YoY China's exports fell 26.4 % in May
  

• Korea kept its interest rate unchanged at an all-time low of 2% for a fourth consecutive month.
  

• Australia's unemployment rose to 5.7% percent from a revised 5.5 % – better than expected.

• Japan's April Machine orders fell 32.8% YoY

• 
  China's May Consumer Price Index fell 1.4% YoY

• USDA’s 2009-2010 U.S. ending stocks estimates:
  Corn was lowered from 1.145 to 1.090 billion bushels.
  Soybeans were lowered from 230 to 210 million bushels.
  Wheat was raised from 637 to 647 million bushels.
  Sugar was raised from 289,000 to 459,000 tons.
  Cotton was unchanged at 5.60 million bales.

• The Department of Agriculture said by August 31 soybean stocks would fall to 110m bushels, the lowest since stocks dropped to 103m bushels in 1976-77.
  

• USDA’s 2009-2010 world ending stocks estimates:
  Corn was lowered from 128 to 125 million tons.
  Soybeans were lowered from 52 to 51 million tons.
  Wheat was raised from 182 to 183 million tons.
  Cotton was lowered from 58 to 57 million tons.
  


• The USDA raised its estimate of the 2008-2009 Florida orange crop from 158 to 160 million boxes. The juice yield was raised from 1.65 to 1.66 gallons per box.

• The U.S. DOE said:
  Supplies of crude oil fell 4.4 million barrels to 361.6 million barrels.
  Supplies of gasoline fell 1.6 million barrels
  Supplies of heating oil fell 800,000 barrels.
  Refinery use fell from 86.3% to 85.9%.
  YoY Gasoline demand rose 0.4%
  YoY distillate demand fell 8.4%.