Drought Worries Boost Ags

Economic Data

Existing Home Sales

	Prior	Prior Revised	Consensus	Consensus Range	Actual
Existing Home Sales - Level - SAAR	5.05 M	5.00 M	4.750 M	4.600 M to 5.100 M	4.81 M
Existing Home Sales - M/M Change	-0.8 %	-1.8 %			-3.8 %
Existing Home Sales - Yr/Yr Change	-12.9 %	-13.8 %			-15.3 %

Market Data

Softs+1.74%

OJ+4.17% Cotton +4.03% Cocoa +2.02% Lumber +0.17% Sugar +0.07% Coffee -0.04%

Drought, dust darkens nation's biggest cotton patch

Indices+1.60%

Russell +2.16% Nasdaq +2.13%      Midcap +1.76%  S&P 500 +1.35%  DJIA +0.99%

U.S. Stocks Advance as Concern About Greek Debt Default Eases 

            

Metals +1.13%

Pall+2.65%  Silver +1.12% Plat+1.10% Copper +0.41% Gold  +0.36%  

Grains +0.86%

Wheat +2.28% Oil +1.04% Corn +1.00% Oats +1.00% Beans +0.97%  Meal +0.49% Canola +0.07%  Rice +0.04%

Corn Rises Most in a Week as Hot Weather May Hurt U.S. Crop; Soybeans Gain

Currencies+0.36%       

C$+0.75% E FX +0.72%    Swiss +0.69%  Peso +0.69% British +0.40%  A$+0.31% Yen +0.15%     U.S. $-0.68%

Euro gains 4th day but path hinges on Greece vote

Energies+0.20%

Ethanol +2.40%   Nat Gas +1.90%   WTI +0.18% Gasoline -1.15% Heating Oil -1.92%    

UPDATE 1-Alaska N.Slope oil at $19 over WTI seen a record

Financials-0.07%

E$+0.03% 2-Year unch 5-Year -0.01% 10-Year -0.11% T-Bond -0.30%

Economic Events

China CPI

M/M % Change	Prior 0.1	Est	Actual 0.1 %
Y/Y % Change	5.3	5.5 %	5.5 %

http://english.people.com.cn/90001/90778/90862/7409504.html

China Industrial Production

M/M % Change	0.9		1.03
Yr/Yr % change	13.4 %	13.2 %	13.3 %

China PPI

M/M % Change	1.0		0.3
Y/Y % Change	6.8	6.45	6.8

China Retail Sales

M/M % Change	1.4 %		1.28
Y/Y % Change	17.1 %	16.95	16.9

USA PPI

PPI - M/M change	0.8 %	0.1 %	-0.4 % to 0.3 %	0.2 %
PPI -Yr/Yr change	6.6 %			7.0 %
PPI less food & energy - M/M change	0.3 %	0.2 %	0.0 % to 0.3 %	0.2 %
PPI less food & energy - Yr/Yr change	2.1 %			2.1 %

USA Retail Sales

Retail Sales - M/M change	0.5 %	0.3 %	-0.3 %	-1.3 % to 0.0 %	-0.2 %
Sales less autos - M/M change	0.6 %	0.5 %	0.3 %	-0.4 % to 0.5 %	0.3 %

USA Business Inventories

Inventories - M/M change

1.0 %

1.3 %

0.9 %

0.7 % to 1.0 %

0.8 %

Speech by Federal Reserve Chairman

Market Data

Indices+1.47%

RJ+2.03% EW+1.76% ES+1.30% NQ+1.26% YM+1.03% 

U.S. stocks post best day for June on retail sales

Metals+0.95%           

HG+3.06% SI+2.21%            GC+0.66% PL-0.49% PA-0.66%     

 Copper Prices Rebound on China Outlook

Softs+0.66%

CT+3.04% OJ+1.53% KC+0.67% CC+0.43% LB unch SG-1.72%

Energies+0.42%

RB+2.00% CL+1.92% HO+0.49% ZK-0.97% NG-1.40%  

Former US energy chiefs say EIA budget cuts to increase price volatility

Currencies+0.08%

CD +0.79% AD+0.54% MP+0.51% EC+0.27% BP-0.01% USD-0.15% JY-0.32% SF-0.87%

China figures bolster Aussie

Financials-0.62%

ED-0.01% ZT-0.08% ZF-0.39% ZN -0.62% ZB -1.17%

Treasuries Tumble on Retail Report; 10-Year Note Yield Increases to 3.10%

Grains-1.93%

BO+0.05% S-1.07% RS-1.07% W-1.58% RR-1.88% SM-3.08% O-3.37% C-3.45%

Farm markets fall hard

Jobless Claims

New Claims - Level	Prior 424 K	Rev 428 K	Est 420 K	Range 410 K to 430 K	Act 422 K
4-week Moving Average - Level	438.5 K	439.50 K			425.50 K

Fewer people applied for unemployment benefits

http://hosted.ap.org/dynamic/stories/U/US_UNEMPLOYMENT_BENEFITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-02-12-56-28

Productivity and Costs

Nonfarm productivity - Q/Q change - SAAR	Prior 1.6 %	Est 1.7 %	Range 1.5 % to 2.0 %	Act 1.8 %
Unit labor costs - Q/Q change - SAAR	1.0 %	0.8 %	-0.5 % to 1.2 %	0.7 %

US 1Q Nonfarm Productivity Revised Up To 1.8%;ULC Rev Down

http://imarketnews.com/?q=node/31675

Factory Orders

Factory Orders - M/M change

3.0 %

3.8 %

-0.9 %

-2.5 % to -0.5 %

-1.2 %

Factory orders broadly lower in April

http://www.reuters.com/article/2011/06/02/us-usa-economy-factory-idUSTRE7513KH20110602

EIA Petroleum Status Report

http://www.eia.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/pdf/highlights.pdf

Crude oil inventories (weekly change)	Prior 0.6 M barrels	Actual 2.9 M barrels
Gasoline              (weekly change)	3.8 M barrels	2.6 M barrels
Distillates            (weekly change)	-2.0 M barrels	-1.0 M barrels

EIA Natural Gas Storage Data

http://ir.eia.gov/ngs/ngs.html

Total(05/27/11):2,107Bcf (05/20/11):2,024Bcf Change: +83Bcf Prior +105

Year ago stocks: 2,344 Bcf % diff to yr ago: -10.1 % 

5-year avg stocks: 2,149 Bcf % dif to 5-yr avg: -2.0 % 

Softs+1.01%

Sugar #11 +4.72%

Coffee +2.07%

Cotton #2 +2.03%

Orange Juice +0.88%

Cocoa -1.73%

Lumber -1.90%

           

Energies+1.00%

Natural Gas +3.41%

Heating Oil +1.10%

Ethanol Futures +0.45%

Crude Oil WTI +0.21%

Gasoline -0.26%

Oil Heads for Weekly Decline on U.S. Economy; Crude Stockpiles Increase

http://www.bloomberg.com/news/2011-06-02/oil-rises-0-5-percent-in-new-york-u-s-crude-stockpiles-unexpectedly-gain.html

Natural-Gas Futures Surge To 10-Month High After Storage Data

http://online.wsj.com/article/SB10001424052702303657404576361413563669114.html

Grains+0.78%

Soybeans +1.50%

Soybean Meal +1.47%

Wheat +1.38%

Corn +1.05%

Soybean Oil +0.82%

Canola +0.76%

Rough Rice +0.07%

Oats -0.78%

Wheat Futures Climb for Second Day on Weather Concerns in U.S., EU, Canada

http://www.bloomberg.com/news/2011-06-03/wheat-futures-gain-0-5-advance-for-second-day-in-chicago-corn-declines.html

Indices+0.12%

E-Mini Nasdaq 100 +0.41%

E-Mini S&P 500 +0.11%

Russell 2000 Mini +0.04%

E-Mini S&P Midcap -0.04%

DJIA Mini-Sized -0.20%

Stocks mixed on weak retail and jobless reports

http://hosted.ap.org/dynamic/stories/U/US_WALL_STREET?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-02-16-59-32

Currencies+0.08%

Euro FX +0.77%

Mexican Peso +0.26%

Australian Dollar +0.18%

Swiss Franc +0.02%

Japanese Yen +0.02%

British Pound -0.01%

Canadian Dollar -0.15%

U.S. Dollar Index -0.47%

Financials-0.41%

Euro $ unch

2-Year T-Note -0.04%

5-Year T-Note -0.15%

10-Year T-Note -0.28%

T-Bond -0.81%

Ultra T-Bond -1.49%

Metals-1.23%

Copper -0.28%

Platinum -0.32%

Gold -0.55%

Palladium -1.13%

Silver -3.99%

Economic Data

Motor Vehicle Sales

Domestic Vehicle Sales

Prior 10.1 M

Est 9.7 M

Range                  9.5 M to 10.2 M

MBA Purchase Applications

Purchase Index - W/W Change	Prior 1.5 %	Actual 0.0 %
Refinance Index - W/W Change	0.9 %	-5.7 %
Composite Index - W/W Change	1.1 %	-4.0 %

Challenger Job-Cut Report

Announced Layoffs - Level

Prior 36,490

Actual 37,135

ADP Employment Report

ADP employment

Prior 179,000

Revised 177,000

Actual 38,000

ISM Mfg Index

ISM Mfg Index - Level

Prior 60.4

Est 57.5

Range 55.0  to 59.5

Actual 53.5

Construction Spending

Construction Spending - M/M change	Prior 1.4 %	Revised 0.1 %	Estimate 0.1 %	***Range            -1.5 % to 0.7 %	Actual 0.4 %
Construction Spending - Y/Y change		-7.5 %			-9.3 %

Market Activity

Financials+0.58%

ZB+1.07% ZN+0.68% ZF+0.36% ZT+0.03%ED unch

Treasury 10-year yields fall under 3% after ADP

Currencies-0.11%

SF+1.15% JY+0.66% US +0.31% EC-0.37% AD-0.46% BP-0.74% CD-0.79% MP-1.07%

Dollar, yen, swissie gain on weak data

Grains -0.40%

SM+1.52% C+1.47% S+0.74% RS+0.24% BO-0.10% O-0.78% W-2.94% RR -3.32%

Wheat Drops on Russia Exports, Europe Rain; Corn, Soybeans Gain

Energies-0.52%

RB+1.89% ZKunch  NG-0.84% HO-1.21% CL -2.66%

NYMEX-Crude ends down 2 pct on economic concerns 

CFTC vs. Arcadia et al.: a government agency roils the oil market with a big action (Updated)

Metals-1.40%

GC+0.16% PA-0.55% PL-0.70% HG-2.15% SI-4.05%

St

CMEGroup Silver Market Recap Report

Softs-1.58%

CT+1.45% OJ-0.27% CC-1.53% LB-2.67% SB-3.02% KC-3.53%

Indices-2.40%

NQ-2.15% YM-2.26% ES-2.34% EW-2.49%  RJ -3.22%

U.S. stocks slammed by downbeat data June off to a rocky start after more gloomy economic reports