Hurricane Katrina Update...

After crossing southern Florida, Hurricane Katrina is expected to reach the panhandle on Monday night. It now looks as if the storm will not disrupt Gulf oil production, although 21 platforms and rigs were evacuated as a precautionary measure. Katrina is now a Category 2 storm, with 100 MPH winds. Crude oil closed down 2% on Friday. Last year, crude prices rose 22% the month after Hurricane Ivan.

U.S. consumer sentiment fell in August--the University of Michigan's Consumer Sentiment Index was  89.1 vs the 92.5 consensus.

Cattle made an 11-week high, with the August contract closing at 82.37.

So far this month, the average price for a gallon of gas in the U.S. has risen 0.14.