Soybean imports doubled in MayChina, the world's biggest soybean-buyer, bought 2 million metric tons of the oilseed last month, 143 percent more than in May 2004, according to figures released by the Customs General Administration of Customs on Friday. Imports jumped 55 percent in April from a year earlier.

Insurers sound the alarm on climate change
The cost worldwide of storms, expected to become more frequent owing to climate change, is likely to rise by two-thirds to £15bn ($27bn, €22bn) a year in the next seven decades, the Association of British Insurers will warn on Wednesday.

China to quench growing petrol thirst
They are slightly more stringent than current fuel economy standards in the US,”

Quick Overview

• Crude oil and distillate inventories both rose more than expected in the Department of Energy’s weekly inventory report issued Wednesday. Crude oil supplies were up 1.1 million barrels last week to 328.5 million barrels. Unleaded gasoline supplies were up 300,000 barrels and heating oil supplies were up 1.6 million barrels.

• The U.S. economy grew at an annual rate of 3.8% in the first quarter, the Commerce Department said Wednesday
  

• The United Nations said that they expect the global economy to grow 3% in 2005 and 2006.
  

• The Confederation of British Industry's monthly survey of retail sales registered its most negative score in 22 years.
  
  

• The International Monetary Fund reduced its estimate of German GDP growth in 2006 from 1.8% to 1.3%.
  

• Japan's industrial production was down 2.3% in May, weaker than expected.
  
  

• The Senate Tuesday approved an energy bill that encourages more efficient uses of energy and the development of renewable fuels such as ethanol, though it would do little to immediately ease gasoline, diesel and crude oil prices that are at or close to record highs, Bloomberg reported.
  

Investment Outlook Fire!

The following is important, but if your eyes glaze over, skip to the summary.

The Saudi oil bombshell
Simmons is not a militant environmentalist or anti-oil partisan; he is chairman and chief executive officer of one of the nation's leading oil-industry investment banks, Simmons & Company International. For decades, Simmons has been pouring billions of dollars into the energy business,

Quick Overview

• U.S. Treasury Secretary John Snow said on Tuesday the responsibility for helping correct big U.S. trade imbalances lay with Europe and Japan because the Bush administration was doing what it needed to do.
  
  
• The Conference Board's U.S. consumer confidence index increased from 103.1 to 105.8 in June, the highest in three years.
  

• London Copper inventories now stand at 30,250 tons down from 49,375 at the beginning of the year.
  
  

• An index of business confidence in France increased from 97 to 99 in June.
  
  

• Japan's retail sales were down 1.5% in May.
  
  

• The Organization for Economic Cooperation and Development said that they expect Japan's unemployment rate to drop from 4.4% in 2005 to 4.1% in 2006.
  

• Overall trucking freight volumes rose 0.7% in May as the economy grew modestly, American Trucking Associations said Monday.
  
  

• Rising asphalt prices have caused at least five states to delay or cancel road resurfacing projects, which could have an adverse effect on commercial vehicles, transportation officials said

• The Journal of Commerce reports that as demand continues to run ahead of available capacity, motor carriers once again are calling the shots when it comes to pricing.
  
  

• Diesel Gains 2.3 Cents to Hit New Record of $2.336
  
  

Historic Gold Oil Ratio

Spot gold predicted to double in coming months
"Based on historic ratios between gold and oil, gold should now be over $500 an ounce.

For your contemplation we have included the chart below -- it shows the price of Gold divided by Crude Oil.

Quick Overview

• World economy risks abound,higher rates needed-BIS The world economy, awash in cheap cash, risks a nasty market disruption if central banks do not act soon to raise interest rates, and governments to cut spending, the world's central banker warned on Monday.
  

• Austria confirmed its second incident of mad cow disease last Friday.
  

• Bird flu was detected at chicken farms in northeastern Japan.
  

• The 6 to 10 day forecast from the U.S. Weather Service showed average temperatures and above average rainfall for most of the Midwestern US – November soybeans dropped their 50-cent limit.
  

• The USDA's good to excellent crop rating for:
  Corn was 65%, down from 68% a week ago.
  Soybeans were 59%, down from 63% a week ago.
  Spring wheat was 77%, down from 79% a week ago.
  Winter wheat was 49%, down from 50% a week ago.
  Cotton was 62%, down from 63% a week ago.
  

• The Brazilian government estimated 2005-2006 sugar production at 27.2 million tons, up 2% YoY.
  

• Economic activity in Mexico grew 4.8 percent in April from the same month last year amid a manufacturing export-led recovery, the government said on Monday.
  
  

• The USDA estimated Brazil's 2005-2006 orange crop at 407 million boxes, down from 467 million boxes in 2004-2005. They expect orange juice exports of 1.25 million tons, down 8% YoY

• The Ifo Institute's index of business confidence in Germany increased from 92.9 to 93.3 in June.
  
  
  

Gold in Euros

For your contemplation we have included the chart below -- it shows the price of Gold in Euros.

Dark chocolate seen healthy for arteries
Eating dark chocolate may have a protective effect on the cardiovascular system in healthy people, the results of a new study suggest.

Housing bubble trouble - Mass. home sales plunge 11.1 percent
The bubble hasn't burst, but the air may be leaking out.

Watchdog

Quick Overview

• U.S. orders for durable goods rose 5.5% in May, the most in more than a year, the Commerce Department said Friday
  

• U.S. new home sales rise the highest level in seven months, rising 2.1%, the Commerce Department reported Friday.
  

• YoY Canada's consumer price index was up 1.6% in May.
  

• YoY the GDP in New Zealand was up 2.5% in the first quarter, weaker than expected.
  

• Hot and dry weather is expected to continue over much of the Midwestern U.S.

• The USDA confirmed that a suspected cow did test positive for mad cow disease and emphasized that the animal did not enter the food supply.

• Rail freight traffic increased for the week ended June 18 compared with the same week last year, and intermodal volume also rose, the Association of American Railroads said.
  

The heat intensifies Friday, and the record high of 97° in 1988 may be on the line. That reading is a far cry from the cool 70° recorded a year ago.

Crude Oil in Real Dollars

For your contemplation we have included the chart below -- it shows the price of crude oil adjusted by the CPI (Consumer Price Index).

Supreme Court Rules Cities May Seize Homes Cities may bulldoze people's homes to make way for shopping malls or other private development, a divided Supreme Court ruled Thursday, giving local governments broad power to seize private property to generate tax revenue.

LIFE -- LIBERTY -- AND THE PURSUIT OF TAX REVENUE

Feds Target Calif. Marijuana Dispensaries
..the Supreme Court ruling "lays to rest any question whether federal authorities have jurisdiction."

Brain Sees Violent Video Games as Real Life – Study A small study of brain activity in video-game veterans suggests that their brains react as if they are treating the violence as real.