Quick Overview

• India raised rates.  Repo rate and reverse repo rate move up to 5.75 percent and 4.5 percent, from 5.5 percent and 4 percent, respectively.

• (Reuters) Russia on Tuesday denied market talk it was restricting grain exports, pulling European wheat prices back from contract highs but not ending concerns about the impact of Russia's worst drought in years.

• (Bloomberg) Corn prices will average about 9 percent more in the first three months of 2011 than they have since July 1 because smaller crops in Europe, Russia and Ukraine will boost demand for U.S. exports to Asia, according to Rabobank Group.

• The Conference Board’s U.S. confidence index fell to 50.4 from a revised 54.3 in June

• Improvement in India’s monsoon showers has given hope for above normal rains in August-September, a weather official said.

• Australia's leading economic Index increased 0.3% and the Coincident Economic Index rose 0.2% in May.

• Japan’s corporate service prices fell 1.0% in June.

• Germany’s import prices rose 0.9% MoM. YoY import price index rose 9.1%

• Germany’s consumer confidence index rose to 3.9 in August, up from a revised 3.6 in July

• (Arlan Suderman) Local reports suggest that up to 20% of Argentina's wheat may go unplanted due to dryness

• DP World said it handled 23.7 million 20-foot equivalent container units at its 50 operating terminals in the first half of 2010, an increase of 16 percent on the same period last year and ahead of the 2008 figure

• YoY the S&P/Case-Shiller index of property values rose 4.6 % in May -- the biggest YoY gain since August 2006