U.S. Economy
The U.S. Census Bureau said that housing starts were at an annual rate of 1.032 million units in April, up 8.2% from March's pace and much stronger than expected. The June U.S. T-bonds are steady to lower.

Currencies
Japan's Cabinet Office said that real GDP was up an annual rate of 3.3% in the January to March quarter, more than expected. GDP growth for the fourth quarter of 2007 was also revised up from an annual rate of 2.6% to 3.5%.

Statistics Canada said that retail sales among large retailers totaled C$8.33 billion in March, up 9.4% on the month. Also, new vehicle sales in Canada were down .5% in March, but posted the strongest first quarter in ten years. The June Canadian dollar is steady to higher.

Real GDP in Hong Kong was up 7.1% in the first quarter from a year ago, better than expected.

U.S. Economy
The Federal Reserve said that industrial production was down .7% in April, weaker than expected, after a .2% gain in March. The March eurodollars jumped up .155 to 96.835.

The U.S. Labor Department said that jobless claims were up 6,000 last week to 371,000, roughly as expected.

The Federal Reserve of Philadelphia's regional index of manufacturing improved from -24.9 to -15.6 in May, better than expected.

The Federal Reserve of New York's regional index of manufacturing fell from +.63 to -3.23 in May, weaker than expected. The June U.S. T-bonds closed up 59/64ths at 116.27/64ths.

The U.S. Senate passed a $290 billion farm bill by a vote of 81-15. $40 billion of the bill is for farm subsidies while two-thirds of the cost is for food assistance.

The National Association of Home Builders said that its sentiment index slipped from 20 to 19 in May, near the record low of 18 since the index began in 1985. July lumber ended up $1.30 at $243.80.

Grains
The USDA said that, as of last week, 2007-2008 exports of:
Corn slipped from up 16% to up 15% from a year ago.
Soybeans increased from down 3% to down 2% from a year ago.
Wheat slipped from up 46% to up 45% from a year ago with three weeks remaining.
Cotton slippped from up 25% to up 24% from a year ago.
December corn traded lower most of the day, but closed up 2 cents at $6.225.

The USDA said that China bought 60,000 tons of U.S. soybeans this year and 66,000 tons for next year. July soybeans fell 32 cents to $13.475.

Sugar
One of the features of today's U.S. farm bill is that it recommends that the government buy surplus sugar to sell to ethanol producers.

Energies
The U.S. Department of Energy (DOE) said that underground supplies of natural gas were up 93 billion cubic feet last week to 1.529 trillion cubic feet. Supplies are down 16% from a year ago and slightly above the five-year average. July natural gas closed down 18.2 cents at $11.556.

Metals
August gold closed up $13.30 at $884.10, encouraged by today's weak economic news.

Currencies
Eurostat said that real GDP in the Euro area 15 was up .7% in the first quarter of 2008 and up 2.2% from a year ago, better than expected. Also, consumer prices were up 3.3% in April from a year ago, down from a 3.6% gain in March. The June euro closed down .0040 at $1.5430.

The U.K.'s Office for National Statistics said that housing starts totaled 32,100 units in the first quarter of 2008, down 24% from a year ago.

Japan's Cabinet Office said that core machinery orders were down 8.3% in March, weaker than expected. The June yen finished up .0049 at .9562.

In Canada, manufacturing sales totaled C$49.0 billion in March, down 1.6% on the month.