Quick Overview

• The New York Federal Reserve's regional index of manufacturing fell from -4.4 to -9.4 in June.
  

• (Reuters) - Goldman Sachs senior investment strategist Abby Joseph Cohen said on Monday that risk aversion has eased, while inventory rebuilding and new business spending bode well for an economic recovery that could provide a dramatic surge in corporate profits by year end.
  

• The American recession will be less deep and shorter than initially predicted according to the IMF.

• The Bank of Japan upgraded its assessment of the economy for the second straight month, and left the overnight lending rate at 0.1 %
  
  

• 142.2 million bushels of soybeans were crushed in May, 6% more than in April and more than expected. Soybean crush must average only 125 million bushels per month in June, August and September to reach the USDA target; which is 10 million below the seasonal pace.
  
  

• The USDA estimates 2009-2010 world coffee production at 127.4 million bags and usage at 132.2 million bags, putting ending stocks at 35.3 million bags or 27% of use. The USDA expects 2010 ending stocks at 13 million bags.
  

• Cautious comments from Chinese premier Wen Jibao over the durability of economic recovery in the world's third largest economy weighed on investor enthusiasm.