Quick Overview

• (Bloomberg) “The markets will be under very real pressure at the open because the assumption will be there is really no resolution to this,” Cooper said. “The breakdown in negotiations has crossed the line from the political posturing of the last few weeks to potentially a very real crisis. “The Tea Party is effectively playing Russian roulette with the bond market and they will, with certainty, lose,” Cooper said.

• Kingsman cut by 35m tonnes to 525m tonnes its forecast for cane output in Brazil's Center South.

• Private forecaster has corn yield at 153.5 and beans at 41.3.

• Goldman Sachs said Friday it reduced its estimate of 2011 U.S. corn yield by three bushels to 156 bushels per acre due to soaring temperatures in the Midwest grain belt.