ECONOMIC EVENTS, AGRICULTURE REPORTS: Forecast Prior Time (N.Y.) Pending Home Sales MoM MAY 3.0% -11.6% 10:00 Pending Home Sales YoY MAY -26.8% 10:00 Agriculture Prices Received JUN 26.1% 15:00 USDA Broiler Eggs Set JUN 24 201091 15:00 METAL PRICES: ($/ton) Last % Chg RSI Copper 9,189 +1.3 55 Aluminum 2,536 +0.6 44 Zinc 2,290 +0.4 57 Lead 2,614 +1.2 60 Nickel 22,975 +1.3 53 Tin 25,650 +1.1 44 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 74.789 -0.3 -5.4 Crude Oil $94.12 +1.3 +3.0 Gold $1,508.3 +0.5 +6.2 MSCI World Index 1,307.81 +0.9 +2.2 TOP STORY: Soggy Corn Fields Curb Planting as Demand for Ethanol, Feed Grow U.S. corn farmers were unable to plant on soggy or flooded fields from Arkansas to North Dakota this year, signaling tighter grain stockpiles even after rising demand for livestock feed and ethanol sent prices surging. COMMODITY EXCLUSIVES: China Among Nations Seeking Delays to Shipping-Emission Curbs China, Saudi Arabia and South Africa want developing nations excluded from rules designed to cut the 870 million metric tons of carbon emitted by ships every year. Bharat Petroleum Said to Resume Kochi Gasoline Unit This Week Bharat Petroleum Corp., India’s second-biggest state refiner, will start a gasoline unit at its Kochi refinery this week after a month of unplanned maintenance, three people with knowledge of the matter said. Naphtha’s 10-Month Low Curbs European Exports: Energy Markets Naphtha’s slide to the lowest level relative to crude oil in almost a year is hurting European exports to Asia as manufacturing in China slows and petrochemical plants in Japan and Taiwan halt operations. Bahamas to Beat U.S. Ports as Upgrades Delayed: Freight Markets Ports along the U.S. East Coast, bracing for a surge of Asian goods from an expanded Panama Canal, may have to get them second-hand from the Bahamas. Brazil Set to Battle China in Africa With Copper Bid: Real M&A Brazil and China are heading for a battle of strategic necessity over copper in Africa that will leave the winner walking away with the most expensive acquisition of a diversified minerals company. INDUSTRIAL METALS: Copper Rises for Second Day as Greece May Avert Debt Default Copper rose for a second day in London on speculation Greece will pass an austerity package needed to prevent a debt default. China Lead-Acid Battery Recovery to be Slow, Group Says (1) Lead-acid battery production in China’s Zhejiang province, which accounts for one-fifth of the country’s output, will be slow to recover amid tough pollution curbs, keeping demand for the metal low. Nickel in Stainless Scrap Is 85% of LME Price, KMR’s Mauss Says Nickel in stainless steel scrap in Europe is selling for about 85 percent of the price of the metal on the London Metal Exchange, because it’s “a buyer’s market for commodities,” said Roland Mauss, chief financial officer of KMR Stainless AG. MINING: S.Africa Nationalization Talk May Cut Output, Impala Says (1) South African mine production may drop as foreign investors get “cold feet” following a call from the youth wing of the ruling African National Congress to nationalize the industry, Impala Platinum Holdings Ltd. said. JFE, Itochu to Increase Stakes in Brazilian Iron Ore Mine (1) JFE Holdings Inc., Japan’s second-largest steelmaker, and Itochu Corp. agreed to increase ownership in an iron ore mine in Brazil by buying stakes from Nippon Steel Corp. and Sumitomo Metal Industries Ltd. Greens Want Higher Australia Mine Tax as Senate Power Grows (1) Australia’s Greens, set to take control of the upper house Senate next week, called on the government to increase a proposed 30 percent profit tax on mining companies and set up a sovereign wealth fund. PRECIOUS METALS: Gold Advances for a Second Day in London on Greece Woes, Dollar Gold gained for a second day in London as concern about Greece’s debt woes and a weaker dollar spurred demand for the metal as an alternative investment. AGRICULTURE: West Australia Grain Harvest May Almost Double, Bankwest Says Western Australia’s grain harvest may almost double this year to 12 million metric tons on improved rainfall and increased plantings, Bank of Western Australia Ltd. said. Corn, Soybeans Advance as Conditions of U.S. Crops Deteriorate Corn advanced for a second day, extending the biggest gain in almost three months, and soybeans rose on declining crop conditions in the U.S., the biggest exporter of both commodities. Cocoa Climbs as Mid-Crop Reaches Halfway Point; Sugar Declines Cocoa climbed for a third day in London as the smaller of two crops in Ivory Coast, the world’s largest producer, approached its halfway point and local prices gained. Sugar declined. Japan Buys 12,000 Tons of Feed Wheat, 95,400 Tons of Barley (1) Japan bought 12,000 metric tons of feed wheat and 95,400 tons of feed barley in a tender today, the Ministry of Agriculture, Forestry and Fisheries said. Palm Oil Climbs for a Second Day as Festival Demand Spurs Buying Palm oil advanced for a second day as importers replenished stockpiles to meet demand during the upcoming Ramadan fasting season and a gain in crude oil lifted the appeal of vegetable oils as biofuel feedstock. Rubber Gains for Second Day as Greek Vote Lifts Economic Outlook Rubber advanced for a second day on optimism that demand may increase as European nations take steps to prevent a Greek debt default, bolstering confidence about a global recovery. SHIPPING: Shipping Confidence Slumps on High Fuel Costs, Glut, Survey Says Confidence in the shipping industry fell to the lowest level in two years on high fuel costs and a glut of new ships, according to a quarterly survey. ECONOMIES: Cash Crunch Drives Banks to Double Deposit Rates: China Credit China’s banks are offering annualized returns of more than 7 percent on short-term investments to lure deposits amid the industry’s worst cash crunch on record. PBOC Adviser Sees China’s ‘Chronic’ Inflation as 10-Year Problem China’s inflation, already at a three-year high, is “most likely chronic” and will remain a problem over the next decade, Li Daokui, an academic adviser to the People’s Bank of China said today. Shanghai Finance Vehicle May Delay Debt Repayment, HKEJ Says (2) A financing vehicle of the Shanghai government may not be able to repay current loans from this month and has asked for an extension, the Hong Kong Economic Journal reported today, citing unidentified people. Morgan Stanley Said to Suffer Trading Loss on Inflation Wager Morgan Stanley, the firm targeting a 2 percent market-share gain in fixed-income trading this year, was burned by a wager on U.S. inflation expectations in the second quarter, three people informed of the dealings said. Papandreou Races to Avert Default as Protests Besiege Vote (2) Greek Prime Minister George Papandreou’s bid to avert the euro region’s first sovereign default will culminate today with a budget vote in a Parliament besieged by protesters amid a wave of national strikes. Greek Vote Plus Bond Rollover May Equal Reprieve: Euro Credit Greece’s parliament supporting austerity measures, private creditors reinvesting the proceeds of a maturing bond and buyers bidding for state assets may give the nation enough breathing space to resolve its debt crisis. OTHER MARKETS: Stocks Rise, Commodities Advance Before Greek Austerity Vote Stocks rose for a third day, the longest winning streak in a month, commodities gained and bond risk declined as Greece’s parliament prepared to vote on budget cuts aimed at preventing a default. Euro Advances Before Greek Austerity Vote; Dollar Index Declines The euro advanced before Greek lawmakers vote on austerity measures aimed at averting the currency region’s first sovereign default. Yuan Forwards Gain Most in Two Weeks on Higher Reference Rate Yuan forwards climbed the most in almost two weeks as the central bank fixed the currency’s daily reference rate stronger for a second day and concern eased that Greek will default on its debt. European Stocks Climb for Third Day Before Greek Austerity Vote European stocks rose for a third day amid speculation that Greek lawmakers will pass an austerity plan needed to avoid default. Asian shares advanced while U.S. index futures were little changed. Asian Stocks Rise for Second Day on Prospect of Greece Debt Deal Asian stocks rose, with the key regional index headed for its highest close in three weeks, amid signs Greece may avoid defaulting on its debt, lessening a risk to bank earnings, and after commodities gained. Oil Advances on Concern About Saudi Arabia Output, Greek Vote Oil rose in New York, extending the biggest gain in six weeks, amid concern OPEC may reduce output in response to the International Energy Agency’s move to release oil stockpiles. SPORTS: Chelsea Meets $64 Million Neymar Buyout Clause: Roundup (1) The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. Manchester United Signs Goalie De Gea to Replace Van der Sar (1) Manchester United signed David de Gea from Atletico Madrid to replace record-breaking goalkeeper Edwin van der Sar at the Premier League soccer champion. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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