Quick Overview

• Truck tonnage continued its string of YoY gains, rising 7.4% in July from last year, the eighth straight increase, American Trucking Associations said.

• (Reuters) - U.S. food prices are forecast to rise at their lowest rate since 1992, the Agriculture Department said.

• The U.S. DOE said:
• Inventories of crude rose 4.11 million barrels in the week to Aug. 20, dwarfing a forecast for a build of 200,000 barrels.
• However, crude oil inventories at the key Cushing, Oklahoma, delivery hub fell 779,000 barrels to 36.3 million barrels, about the only bullish feature in the weekly report.
• Inventories of Gasoline rose 2.27 million barrels, at odds with forecasts of a small drawdown.
•  Inventories of Distillate stocks increased by 1.76 million barrels.

• (CNBC) Changes to the US bankruptcy code, enacted in 2005, are coming back to haunt banks, according to Yra Harris, a veteran trader at Praxis Trading. Harris told CNBC that banks lobbied hard for changes to the bankruptcy code, but the legislation is now having the effect of encouraging consumers to do all they can to pay down their credit cards, while leaving their mortgage payments on the backburner.

• U.S. Durable goods orders overall for July gained 0.3%, but stripping out transportation the number actually fell 3.8%. Forecasts called for a 2.8 percent increase.

• (Bloomberg) -- Germany, the European Union’s second-biggest wheat grower after France, may report a 12 percent drop in grain harvests this year after crops were hit with both drought and flooding, a farmers group said.