Quick Overview

• World economy risks abound,higher rates needed-BIS The world economy, awash in cheap cash, risks a nasty market disruption if central banks do not act soon to raise interest rates, and governments to cut spending, the world's central banker warned on Monday.
  

• Austria confirmed its second incident of mad cow disease last Friday.
  

• Bird flu was detected at chicken farms in northeastern Japan.
  

• The 6 to 10 day forecast from the U.S. Weather Service showed average temperatures and above average rainfall for most of the Midwestern US – November soybeans dropped their 50-cent limit.
  

• The USDA's good to excellent crop rating for:
  Corn was 65%, down from 68% a week ago.
  Soybeans were 59%, down from 63% a week ago.
  Spring wheat was 77%, down from 79% a week ago.
  Winter wheat was 49%, down from 50% a week ago.
  Cotton was 62%, down from 63% a week ago.
  

• The Brazilian government estimated 2005-2006 sugar production at 27.2 million tons, up 2% YoY.
  

• Economic activity in Mexico grew 4.8 percent in April from the same month last year amid a manufacturing export-led recovery, the government said on Monday.
  
  

• The USDA estimated Brazil's 2005-2006 orange crop at 407 million boxes, down from 467 million boxes in 2004-2005. They expect orange juice exports of 1.25 million tons, down 8% YoY

• The Ifo Institute's index of business confidence in Germany increased from 92.9 to 93.3 in June.