Emerging Markets; Agricultural Commodities; Oil; Disappearing Homes; Social Networks

MWF (Wednesday) Briefing:

There is more pressure on agriculture commodities and gas due to flooding.  Proven business models get a boost and the housing bubble continues to deflate effecting much more than subprime.

• The Department of Agriculture stated half of the U.S.'s corn crop is in good or excellent condition this year due to floods in the midwest.  This will add more pressure on prices, including gas (ethanol).

• LinkedIn, the social network for business, is now valued at $1 billion. Bain Capital Ventures, Sequoia Capital, Greylock Partners and Bessemer Venture Partners announced they are taking a 5 percent stake for $53 million. LinkedIn 

• Housing crisis is still trickling up. In some parts of the U.S. foreclosed homes make up the majority of the sales.  SeekingAlpha

• An offshore drilling agreement in the South China Sea was reached between Japan and China.  President Bush is seeking to end the ban on offshore oil drilling.  NYT

• Inflation in Europe came in higher than expected at 3.7% level in May. Le Monde