The U.S. Commerce Department said that durable goods orders were down 1.0% in June, weaker than expected. Excluding transportation, orders were down .6% in June. The September 2011 eurodollars are trading higher.

This afternoon, the Federal Reserve's Beige Book said that "economic activity has continued to increase, on balance, since the previous survey. . ." They also noted that "nearly all Districts reported sluggish housing markets in the months since the homebuyer tax credit expired on April 30."

Reuters news reported that 49% of the S&P 500 companies have reported second quarter earnings and 77% of them have exceeded expectations.

The Mortgage Bankers Association said that home purchase loans were up 2.0% last week. The average rate on a 30-year fixed mortgage increased from 4.59% to 4.69%.

The U.S. Treasury sold $37 billion of 5-year T-notes at a median yield of 1.75% with a bid to cover ratio of 3.06.

Moody's downgraded its outlooks for Bank of America, Citigroup, and Wells Fargo from stable to negative.

According to Agrimoney.com, SovEcon, a private group of analysts, is predicting that Russia's grain exports will fall from 22 million tons to 12 million tons in 2010-2011, due to drought. Some are saying that the Russian government will likely limit exports, but no decision has been announced yet. December wheat gained 20 cents to $6.47, the highest close in eight months.

The USDA said that China bought 120,000 tons of U.S. soybeans for 2010-2011. November soybeans closed up 12.5 cents at $9.78.

December corn jumped up 13.75 cents to $3.907 in sympathy with wheat.

September cocoa closed up $30 at $3,010, the highest close in a week with talk that excessive rain in the Ivory Coast may have caused another outbreak of black pod disease (see article).

According to Bloomberg news, rain continues to prevent the loading of sugar at Brazil's six ports and yesterday, 115 ships were waiting. October sugar closed up .45 at 18.87.

The U.S. Department of Energy (DOE) said that crude oil supplies were up 7.3 million barrels last week to 360.8 million barrels, more than expected due to increased imports. Supplies of gasoline were unchanged and heating oil supplies were down 100,000 barrels. September crude oil was down .51 at $76.99.

The DOE also said that, over the past four weeks, gasoline demand was up 2.1% from a year ago and distillate demand was up 9.3% from a year ago.

September natural gas closed up 7.2 cents at $4.718 with support from hotter summer temperatures.

September copper closed up 3.90 cents at $3.2455 in spite of today's weak durable goods report. Copper inventories are down to 411,425 tons in London, the lowest since November 17, 2009.

Australia's Bureau of Statistics said that consumer prices were up 3.1% in the second quarter from a year ago, less than expected. The September Australian dollar fell .94 to 88.71 with comments that today's report reduces the need for another rate hike.

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