U.S. Economy
The U.S. Census Bureau said that exports were down $2.6 billion in March, to $148.5 billion while imports were down $6.1 billion to $206.7 billion. The result was $58.2 billion of net imports, less than expected. The June U.S. dollar index closed down .44 at 73.22.

Grains
For the new 2008-2009 season, the USDA said that their U.S. ending stocks estimate for:

Corn is 763 million bushels, down from 1.383 billion bushels in 2007-2008.

Soybeans is 185 million bushels, up from 145 million bushels in 2007-2008.

Wheat is 483 million bushels, up from 239 million bushels in 2007-2008.

Sugar is 1.336 million tons, down from 1.757 million tons in 2007-2008.

Cotton is 5.60 million bales, down from 9.90 million bales in 2007-2008.

The USDA also said that its 2008-2009 world ending stocks estimate for:
Corn is 99 million tons, down from 110 million tons in 2007-2008.
Wheat is 124 million tons, up from 110 million tons in 2007-2008.
Cotton is 56 million bales, down from 62 million bales in 2007-2008.

There is no USDA estimate yet of the 2008-2009 world ending stocks for soybeans, but the 2007-2008 estimate is 49 million tons, down from 63 million tons the previous year.

November soybeans closed up 58 cents at $13.037, the highest close in eight weeks, helped by today's low U.S. ending stocks estimate. July wheat, on the other hand, fell 17.5 cents to $8.045 with disappointment over the larger-than-expected U.S. ending stocks estimate.

More rain fell today in Iowa, Missouri, Illinois, and Wisconsin. December corn was up 3.75 cents at a new contract high of $6.50.

Livestock
The USDA raised its estimate of the average price of choice steers in 2008 from 90 to 91 cents per pound with a projected 1.1% increase in production. August cattle closed up .90 at a new contract high of 100.20.

The USDA increased its estimate of the average price of barrows and gilts in 2008 from 41 to 44 cents per pound (59.5 cents lean), helped by expectations for a 15% increase in pork exports this year. Pork production is expected to increase 7.0% in 2008. August hogs ended up .25 at 79.10.

Orange juice
The USDA kept its estimate of the 2007-2008 Florida orange crop at 169 million boxes, but increased the projected juice yield from 1.63 to 1.65 gallons per box at 42.0 degrees Brix. July orange juice ended up 1.05 cents at $1.2150.

Sugar
July sugar closed up .15 at 11.61, pulled higher by record gasoline prices.

Metals
London inventories of copper jumped up 11,150 tons to 121,275 tons today. July copper closed down 7.10 cents at $3.7165.

Energies
July crude oil finished up $2.39 at another new contract high of $126.00 while producers continue to struggle around the world to keep up with demand.

Currencies
Statistics Canada said that Canada's unemployment rate increased from 6.0% to 6.1% in April with a net gain of 19,000 jobs, more than expected. Over the past year, 348,000 new jobs have been added to the economy. The June Canadian dollar closed up 1.10 cents at 99.32.

Canada's exports increased 1.6% in March, to C$40.1 billion while imports were down .3% to C$34.5 billion. The result was C$5.5 billion of net exports, the most since May of 2007.

The Reserve Bank of Australia said that it expects consumer prices to have an annual increase of 4.5% by the end of 2008, but then lessen to 3.25% sometime in 2009. The June Australian dollar was unchanged at 93.87.