Corn surged to the highest level in almost three months, and soybeans rose as hot, dry weather threatens to reduce yields in the U.S., the world’s biggest producer of both crops.
WHAT TO WATCH: (ALL TIMES NEW YORK) 5:00 a.m. Norway’s Oil and Gas Unions Meet on Strike Action 6:00 a.m. South African Grain Import/Export Data 2:00 p.m. USDA Cattle, Hog Slaughter 4:30 p.m. API Crude Oil Inventories TOP STORIES Corn Rises to Highest Since April on Hot Weather; Soybeans Gain Oil Drops After U.S. Manufacturing Unexpectedly Shrinks in June Heating Oil Slips as Reports Point to Weaker Global Recovery Natural Gas Futures Unchanged as Storm Blackouts Cut Fuel Demand Copper Futures Drop Most in Week as Global Manufacturing Weakens Gold Declines as Dollar’s Rebound Erodes Demand for Metal Haven Orange-Juice Futures Decline Most in Five Weeks; Cotton Rises ON THE FRONT PAGES Argentina’s Metrogas to Receive 100 Million-Peso Loan, BAE Says Zambian Cotton Farmers Torch Truck Over Prices, Dow Jones Says Iran Imports 2 Million Tons of Wheat, Boosts Reserves, Fars Says ECONOMIC DATA (ALL TIMES NEW YORK) 4:30 a.m. U.K. June Construction Purchasing Managers’ Index 4:30 a.m. U.K. May Mortgage Approvals 5:00 a.m. Euro Zone May PPI 10:00 a.m. U.S. May Factory Orders 5:00 p.m. U.S. June Vehicle Sales TV HIGHLIGHTS 6:00 a.m. JPMorgan Chase & Co. Economist James Glassman 7:00 a.m. Deutsche Bank’s Alan Ruskin 10:00 a.m. BlackRock Inc. CEO Larry Fink 10:40 a.m. IMF Managing Director Christine Lagarde 1:10 p.m. Hinde Capital Ltd. Co-Founder Ben Davies MARKETS (6:00 p.m. NEW YORK TIME) Last Chg %Chg WTI Crude Oil $83.75 -1.21 -1.42 Gasoline $2.6239 -.1033 -3.79 Natural Gas $2.824 0 0 Copper $3.465 -.025 -0.72 Gold $1,597.70 -6.50 -0.41 Wheat $7.545 +.155 +2.10 U.S. Dollar Index 81.867 +.24 +0.29 MSCI World Index 313.34 +1.23 +0.39
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