The U.S. Commerce Department said that real GDP was up .7% in the first quarter of 2010 and up 2.4% from a year ago, slightly less than last month's estimate. The September U.S. T-bonds are steady to higher.

The University of Michigan's consumer sentiment index increased from 73.6 to 76.0 in June, the highest in over two years.

Yesterday's 6 to 10 day forecast from the National Weather Service is calling for above average temperatures in the central U.S. That should be especially helpful to the areas that have had too much rain lately. December corn closed down 4 cents at $3.605, the fifth consecutive day lower.

On Wednesday, June 30th, the USDA will release its 2010 acreage report, the most important grain report of the year. November soybeans were steady at $9.12.

Clear skies are allowing the winter wheat harvest to pick up again. July wheat fell 6.75 cents to $4.562.

After the close, the USDA said that the U.S. had 64.400 million head of hogs and pigs on June 1st, down 3.6% from a year ago and less than expected. The March to May pig crop was down 4.7% from a year ago. August hogs closed up .67 at 83.92.

The USDA said that beef production totaled 2.09 billion pounds in May, down 4% from a year ago. Pork production totaled 1.62 billion pounds in May, down 6% from a year ago. August cattle were up .22 at 89.37.

After the close, the USDA estimated this week's beef production at 505.2 million pounds, down 2.4% from a year ago. Pork production was estimated at 398.5 million pounds, down 2.8% from a year ago.

October sugar closed up .20 at 16.39, the highest close in eight weeks, helped by today's higher gasoline price.

It seems like a long shot, but August crude oil jumped up $2.35 to $78.86 with talk that an area of low pressure in the Caribbean may turn into a Gulf of Mexico storm early next week.

September copper closed up 8.70 cents at $3.1110, the highest close in three weeks, in spite of weak economic news and ongoing concerns about Europe.

August gold closed up $10.30 at $1,256.20, still seen as a safe haven from Europe's problems.

The September Australian dollar started lower, but is now steady, one day after the Labor Party chose a new Prime Minister.

Japan's deflation is not going away. The Statistics Bureau said that the consumer price index was down .9% in May from a year ago.

France's Statistics Agency said that real GDP was up .1% in the first quarter of 2010 and they expect growth of 1.4% for the whole year.

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