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Natural gas rose 2.6 percent, finishing at $2.694 per million BTU as Tropical Storm Debby forced the shut in of some oil and gas production in the Gulf. Corn was nearly 7 percent higher, and other grains also rose, as rising temperatures in the Midwest threatened crops.
But traders spent the day watching Europe, particularly after the Supreme Court did not release its ruling on the health-care legislation. That ruling is now expected Thursday.
There were a series of events in Europe that got attention Monday. Spain officially requested aid for its banks, but details were sparse. Greece, which delayed its Monday meeting with IMF and European officials on its bailout, announced that its finance minister resigned . He had been hospitalized with an illness.
But what had traders grumbling were comments from German Chancellor Angela Merkel , including that a common debt would be “economically wrong and counterproductive.” Leaders will discuss a banking union at their two day meeting, starting Thursday. Germany has previously opposed a common bond, supported by France, Italy and Spain.
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