Quick Overview

• The National Association of Realtors index of pending home sales rose 6% in April and up 22% YoY
  

• The Mortgage Bankers Association's index of mortgage applications rose 0.9% last week.
  

• Australia’s GDP rose 0.5% in Q1 and up 2.7% YoY
  

• India, the world’s second-largest sugar producer, may allow mills to export 967,000 metric tons of white sugar.
  

• Greece announced long-delayed plans to privatize state-owned companies as part of its attempt to fix its public finances and chip away at the massive public debt.

• (ISU) It is likely that La Niña conditions will be reached during the month of June. This would indicate a substantial increase in corn yield risk for the U.S. , shifting the likely hood of a below trend yield from about 50/50 to 70%. Most of the risk increase would be in the central and eastern areas of the Corn Belt. E. Taylor

• According to China's Xinhua, Iran will sell euros for the U.S. dollar and gold. Iran joins a host of other emerging countries like China and India that have been ramping up their gold reserves and discarding paper currencies