UN says rate of livestock breed extinction is 'alarming'
Among the breeds the International Livestock Research Institute says are most at risk are the Ankole cattle, whose drought resistance and rich milk made them prized animals in East and Central Africa until the arrival of European dairy cows.
Similarly, the Red Maasai sheep of East Africa, which have developed genetic resistance to a common parasite, have almost disappeared since the introduction of Dorper sheep from South Africa 15 years ago, the research institute says.

Panama begins canal expansion The $5.25-billion expansion will accommodate a new class of huge ships capable of carrying more than twice the number of containers as the vessels that currently transit the waterway. Completion is set for 2014 to coincide with the 100th anniversary of the inauguration of the original canal.

Help with the mortgage
A rising tide of defaults among borrowers with shaky credit histories has, thanks to the way that their debts have been securitised and sold on globally, triggered chaos in the world's credit markets as asset-holders struggle to re-evaluate their risk.

Quick Overview

• U.S. GDP rose 4.0% in the second quarter, YoY GDP rose 1.9% in the second quarter.
  

• Retail sales in Japan were down 2.2% in July.
  
  

• The Philippine Economy Grew 7.5 % in the Second Quarter, at the fastest pace in two decades.
  
  

• China's government is concerned about reduced autumn grain output due to continuing drought and floods, as rising food prices have already pushed inflation above target, the country's top economic planner said in a report to the legislature.
  
  

• The International Atomic Energy Agency's top inspector said that they had formed an agreement with Iran that would remove Iran as a threat for developing nuclear weapons.

Soybean Stampede Sends Argentine Cattle North to Face Piranhas
The comedown is unfolding in Argentina, where ranchers are driving their world-famous cattle herds to the swamps and scrubland of the country's north as they turn the grassy plains of the central Pampas over to more-profitable soybeans and corn.

Japan's Warp-Speed Ride to Internet Future
Broadband service here is eight to 30 times as fast as in the United States -- and considerably cheaper

Top Fund Managers Made 22,300 Times Average Wage, Study Says
The study's authors said top hedge-fund managers are making more in a fraction of an hour than a typical worker makes in a year. The hedge-fund chiefs average $12.6 million a week, or $210,700 an hour based on a 60-hour week. That's $35,100 every 10 minutes, compared with $29,500 a year for the average worker.

Quick Overview

• Confidence in Germany fell from 8.5 to 7.6 in August, weaker than expected.
  
  

• The U.S. DOE said that:
  Supplies of crude oil were down 3.5 million barrels to 333.6 million barrels.
  Supplies of gasoline were down 3.6 million barrels.
  Supplies of heating oil were up 600,000 barrels.
  Refinery use fell from 91.6% to 90.3%.
  Gasoline demand was up 0.5% YoY
  Distillate demand was up 0.7% YoY.
  

• Wheat prices rose 20.24 cents because of continued concerns for tightness ahead, ideas the spring wheat harvest pressures are winding down, that end users are caught without coverage, and some concerns for dryness in Australia.

Lib Dem plan to ban petrol-driven cars The 10-point plan on climate change also included a commitment to 100% carbon-free non-nuclear generation by 2050 and the introduction of "polluter pays" green taxes.

Quick Overview

• U.S. consumer confidence in August fell by the most since the period immediately following Hurricane Katrina, the New York-based Conference Board said.
  

• YoY S&P’s index of U.S. housing prices fell 3.2% in the second quarter. U.S. home builders said tightening lending standards have made it even harder for them to unload inventories of unsold houses.
  
  

• The Ifo Institute's index of business confidence fell from 106.4 to 105.8
  

• GDP in South Africa rose 5.0% in the second quarter.
  

• In a survey producers indicated that they plan to plant corn on 8.6% less area for the 2008 season to 84.9 million acres from 92.9 million this season.
  They also indicated that they plan to plant soybeans on 13% more area for the 2008 season to 72.6 million acres from 64.1 million this season.
  

No update today because of technical trouble.

Quick Overview

• U.S. existing home sales declined 0.2% from the prior month to an annual rate of 5.75 million. There is a 9.2 month supply of single family homes for sale, the most in over 15 years.
  

• Risks to the Canadian economy have increased as the result of turmoil in the credit markets, the Bank of Canada said.
  

• The USDA said that:
  59% of the corn crop was rated good to excellent, up from 58% last week ago.
  55% of the soybean crop was rated good to excellent, up from 54% last week ago.
  49% of the cotton crop was rated good to excellent, down from 51% last week ago

Amerika, 2007
At least the inhabitants of "Amerika" could point out that they had been conquered by a wily and resourceful foreign enemy. What's our excuse?

Quick Overview

• Officials from the Federal Reserve on Saturday warned of dangers from a rising tide of trade disputes and the harmful impact on what one otherwise termed a "resilient" U.S. economy
  

• U.S. Durable goods orders rose 5.9% in July, more than expected. Excluding transport orders rose 3.7%.
  

• The U.S. Census Bureau said new home sales were at an annual rate of 870,000 in July, up 2.8% from June's rate. So far in 2007, new home sales are down 21% YoY.
  

• U.K.'s GDP rose 0.8% in the second quarter and up 3.0% YoY.
  

• An index of manufacturing and services in Europe fell from 57.5 to 57.2 in August.
  

• Smithfield Foods received an order to deliver 60 million pounds of pork to China by the end of December.
  

• Pork shipments from 15 U.S. production plants have been suspended by China this month
  The Chinese say they have found traces of Ractopamine in the meat from the plants. Ractopamine is legal in the U.S. but banned in China.
  

• Dubai gold sales rose 33% in July despite high prices.
  

• The International Sugar Organization estimates 2007-2008 world sugar production at 169.6 million tons, 10.8 million tons over consumetion.
  

• Brazil's Ag Ministry estimates the current coffee crop at 32.6 million bags.
  

• The International Copper Study Group said that in the first five months of 2007, world usage of copper outpaced production by 300,000 tons.
  
  

• In China, the era when overseas executives could rely on translators is ending. The Chinese government now requires top executives at securities firms to pass written and oral exams in Mandarin, the national tongue, and Chinese managers expect meetings to be conducted in their own language.
  
  
  

• Pro Farmer, estimates 2007 U.S. corn production at 13.109 billion bushels with a yield of 153.47 bushels per acre. The firm pegged U.S. soybean production at 2.658 billion bushels with a per acre yield of 42.0 bushels.
  

Quick Overview

• U.S. jobless claims were down 2,000 last week to 322,000.
  

• Canada's wheat crop is estimated at 20.3 million tons, down 20% YoY.
  

• The Bank of Japan voted 8 to 1 to keep interest rates unchanged at 0.50%.
  

• The U.S. Department of Energy said that underground supplies of natural gas were up 23 billion cubic feet to 2.926 trillion cubic feet.

Dollar May Fall to Record Within Six Months, Goldman Sachs Says
The Fed will lower its benchmark interest rate by 0.75 percentage point to 4.5 percent by year-end, according to Goldman Sachs.
The dollar will fall also because foreign investors will reduce purchases of higher-yielding corporate bonds, said Nordvig.

China fear over 'tainted' US soya
US soya bean exporters said China was trying to "balance things out".

Quick Overview

• The Bank of Japan at its regular 2-day policy meeting that begins today is unanimously expected to leave its monetary policy unchanged.
  

• Industrial new orders in the Euro zone rose 4.4% in June, stronger than expected.
  The USDA said there were 459.8 million pounds of frozen pork in storage, up 10% YoY.
  
  

• The USDA said there were 849 million pounds of frozen orange juice concentrate in storage, down 15% YoY.
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil rose 1.9 million barrels to 337.1 million barrels.
  Supplies of gasoline fell 5.7 million barrels
  Supplies of heating oil supplies rose 600,000 barrels.
  Gasoline demand was up 0.6% YoY
  Distillate demand was up 2.1% YoY
  

Updates resume August 22

Chart of the Day

Fed Free Reserves