COMMODITIES DAYBOOK: Baker Hughes Rig Count, Livestock Data

Baker Hughes due to release weekly oil and gas rig count.

(All times New York)

WHAT TO WATCH * 1pm Baker Hughes Rig Count * 2pm USDA Cattle Slaughter

ECONOMY * 430am U.K. Industrial Production * 830am U.S. Import Price Index * 2pm U.S. Monthly Budget Statement

TOP STORIES

* U.S. Stocks Gain as Energy Shares’ Rally Offsets Alcoa’s Drop * Dollar Hits 3-Week High as Fed Rate Increase Remains in Play * PC Shipments Fall in Quarter as Corporate Spending Fades * Bloomberg Dollar Spot Index up 0.8% to 1,202.33 * MSCI All-Country Index up 0.3% to 433.70 * Bloomberg Commodity Spot Index down 0.4% to 98.797

ENERGY * Oil Rises as Iran Says Deal Must Halt Economic Sanctions * Drillers’ $26 Billion Oil-Hedge Gain Spreads Price-Drop Pain * PG&E Ordered to Pay Record $1.6 Billion for Deadly Gas Blast * WTI crude oil up 0.7% to $50.79/bbl * Gasoline up 1.2% to $1.7592/gal. * Natural gas down 3.5% to $2.528/mmbtu

METALS * Goldman Sees Many Iron Mine Closures as ABN Flags $40 Risk * We Traveled Across China and Returned Terrified for Economy * Gold Falls to Lowest in a Week as Fed Fuels Rate Concerns * Gold down 0.8% to $1,193.60/oz * Platinum down 0.8% to $1,156.70/oz * Copper down 0.1% to $2.7290/lb

AGRICULTURE * Wheat Prospects Dim as Dry Kansas Weather Threatens Yields * Growing Soybean Glut Sends Prices to Lowest Since October * Cargill Profit Gains on Beef, Soybean Meal Exports to Asia * Corn down 0.3% to $3.78 a bushel * Soybeans down 1.9% to $9.53 1/2 a bushel * Sugar down 1.3% at 12.8c/lb * Coffee up 1.3% to $1.3745/lb * Cotton down 0.8% to 66.22c/lb

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