The United States is expected to plant the smallest amount of wheat since 1877, due to drought, high costs, and uncertain markets. The USDA estimates that in 2026, the total wheat planting area will drop by 6 percent compared to last year, affecting major wheat-producing states like Kansas, Texas, and Oklahoma.
Key Facts
The USDA predicts 42.7 million acres of wheat planted in 2026, down 6% from 2025 and 1 million acres below earlier forecasts.
Winter wheat acreage is expected to be 31.5 million acres, the lowest in about 150 years.
Severe drought and heat from May 2025 to April 2026, the warmest 12-month period on record, have damaged crops.
Kansas, Texas, and Oklahoma face the largest decreases in wheat acreage, with Texas losing 3.9 million acres.
Farmers are planting less wheat due to high input costs like fuel and fertilizer, worsened by the Iran conflict closing the Strait of Hormuz.
Spring wheat and durum wheat planting areas are both declining, by 6% and 16% respectively.
Wheat provides about 20% of both calories and protein for many poor people worldwide.
Experts expect wheat planting to remain low or decrease further in 2027 due to ongoing challenges.
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Opening an $18,000 long-term certificate of deposit (CD) account in July can earn a savers thousands of dollars in interest. Long-term CDs have fixed interest rates above 4%, which are higher than typical savings accounts and provide protection for the deposited money over time.
Key Facts
Long-term CD interest rates currently sit above 4%.
An $18,000 CD can earn from about $1,145 (18 months) up to $9,423 (10 years) in interest by maturity.
Interest rates for these CDs range roughly from 4.15% to 4.30%.
CDs have fixed interest rates, so earnings are guaranteed if the account is held to maturity.
Early withdrawal from a CD may result in penalties, reducing earnings.
Online banks often offer higher CD interest rates than traditional brick-and-mortar banks.
Using online marketplaces helps compare multiple banks, rates, and terms easily.
CDs protect the original deposited amount (principal) for the duration of the term.
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OpenAI is discussing giving the U.S. government a 5% ownership share in the company. This idea aims to let the public share in the profits from artificial intelligence, but it raises questions about government involvement in AI companies and regulation.
Key Facts
OpenAI may offer the U.S. government a 5% stake in the company, according to early discussions.
The government stake could affect decisions on releasing new AI models.
OpenAI’s CEO, Sam Altman, supports sharing AI’s benefits with the public through mechanisms like a public wealth fund.
Other AI labs, like Anthropic, also support similar ideas involving shared ownership or compensation for workers affected by AI.
The U.S. government currently owns 9.9% of Intel, a deal made under the CHIPS Act that has increased in value.
A government stake in AI labs would likely require approval by Congress.
Some experts worry this move could reduce competition and favor one AI company over others.
Alternative ways to share AI profits with the public include taxing AI companies or their digital assets.
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The United States can keep producing lots of crops while creating new markets for biofuels. This will help farmers earn more, offer benefits to consumers, protect the environment, and lower the need for oil from other countries.
Key Facts
Biofuels are fuels made from plants and agricultural products.
Using biofuels can reduce pollution compared to traditional fossil fuels.
Expanding biofuel markets can give farmers new sources of income.
Growing biofuels can help the U.S. rely less on imported oil.
Supporting biofuels can boost the agricultural economy.
Biofuels contribute to energy independence and environmental goals.
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Fans suing StubHub say the ticket website did not deliver World Cup game tickets after they paid for them. The lawsuit claims StubHub canceled orders and did not honor a guarantee to protect buyers, while StubHub blames issues on the official event organizer FIFA.
Key Facts
A group lawsuit was filed in Manhattan federal court against StubHub for failing to deliver paid World Cup tickets.
One buyer paid $1,905 for three tickets but had the order canceled by StubHub.
Another paid nearly $3,000 for two tickets, which were also canceled; he was refunded but lost travel costs.
The lawsuit accuses StubHub of selling tickets without authorization from FIFA, the event organizer.
StubHub offers a "FanProtect Guarantee" to ensure ticket authenticity but allegedly failed to honor it in these cases.
Plaintiffs are seeking at least $5 million in damages.
StubHub says it wants to get fans into events and blames FIFA’s ticketing system for problems.
FIFA did not comment on the lawsuit when asked.
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Adjusting your air conditioner (AC) settings can help lower your electric bill during the summer. Simple changes like raising the thermostat temperature a few degrees, using automated schedules, and setting the fan to "auto" instead of "on" can reduce cooling costs without losing comfort.
Key Facts
Raising the thermostat by 1 degree can save about 3% on cooling costs.
Increasing the thermostat 4-5 degrees can lead to noticeable savings over a billing cycle.
Using automated schedules that raise the temperature 7-10 degrees for several hours daily can reduce costs by up to 10% per year.
Smart thermostats that learn your routine can save around 8% on cooling bills with no extra effort.
Setting the AC fan to "auto" is more energy-efficient than keeping it "on" all the time.
Running the fan continuously increases electricity use and can cause moisture problems inside the home.
Managing humidity with a "dry" mode and proper fan settings helps you keep the house comfortable at higher temperatures, saving energy indirectly.
Not all AC settings significantly affect energy use; knowing which ones matter is key to saving money.
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In-N-Out Burger plans to open six new restaurants in five states, including California, Tennessee, Arizona, Utah, and Idaho. The company is growing carefully while keeping its headquarters in California and avoiding franchising.
Key Facts
In-N-Out will open six new restaurants soon in Commerce and Stockton (California), Madison (Tennessee), San Tan Valley (Arizona), St. George (Utah), and Twin Falls (Idaho).
The company currently operates over 400 restaurants across 10 states.
California has more than 65% of In-N-Out locations.
In-N-Out is opening a new Eastern Territory office in Franklin, Tennessee, expected in 2026, to support southern growth.
The company does not franchise its restaurants; it owns and operates all locations to maintain quality control.
In-N-Out was founded in 1948 as a small hamburger stand in Baldwin Park, California.
The company grows slowly to keep high food quality and good customer service.
In a 2022 survey, In-N-Out received an 80% customer satisfaction rating, one of the highest for burger chains.
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The average U.S. 30-year mortgage rate dropped to 6.43%, the lowest since mid-May, making home loans slightly cheaper. Rates have been around 6.5% for months due to global events affecting oil prices and inflation, but recent hopes for peace between the U.S. and Iran helped lower rates a bit.
Key Facts
The 30-year fixed mortgage rate fell from 6.49% last week to 6.43%.
One year ago, the average 30-year rate was 6.67%.
The 15-year fixed mortgage rate also dropped to 5.79% from 5.84%.
Mortgage rates are linked to the 10-year Treasury yield, which was 4.46% this week.
Tensions and conflict between the U.S. and Iran have influenced oil prices, inflation, and mortgage rates.
Sales of previously owned U.S. homes declined in early 2026 compared to last year but saw some improvement by May.
Current home sales are around 4 million annually, below the usual 5.2 million sales level.
The housing market has been slow since mortgage rates rose from low pandemic levels in 2022.
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Stew Leonard Jr., CEO of Stew Leonard's grocery store, spoke about the prices of food for the upcoming July 4th holiday. He also discussed safety tips for swimming during the holiday weekend.
Key Facts
Stew Leonard Jr. is the CEO of Stew Leonard's grocery store chain.
He talked about how much holiday food will cost for the 4th of July.
The interview took place on "CBS News 24/7 Mornings."
He provided advice on how to stay safe while swimming during the holiday.
The focus was on preparing for the July 4th weekend.
The interview is available on the CBS News app and website.
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Even though the U.S. hosted the World Cup, June job numbers do not show an increase in hiring for tourism-related businesses. Leisure and hospitality jobs, which include restaurants and hotels, actually fell by 61,000 in June, and data was revised down for May.
Key Facts
The U.S. hosted the World Cup in 2024.
Leisure and hospitality jobs dropped by 61,000 in June.
May's reported gain of 70,000 jobs was revised down to 40,000.
The leisure and hospitality sector lost an average of 9,000 jobs per month over the last three months.
In the 12 months before that, the sector had been adding an average of 13,000 jobs per month.
Monthly job numbers can change due to seasonal adjustments and sampling errors.
Other economic signs of the World Cup effect, like retail sales and tax collections, will be watched.
Local employment data for the cities hosting the World Cup will be released later.
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Prada appointed Palestinian singer Saint Levant as a brand ambassador. Some pro-Israel social media users are upset because Saint Levant wore a necklace showing the map of historic Palestine in a campaign video. This has led to calls for boycotting Prada.
Key Facts
Prada chose Palestinian singer Saint Levant to represent their brand.
Saint Levant wore a necklace with a map of historic Palestine in an ad video.
The necklace's image sparked anger among pro-Israel groups online.
Social media users have called for a boycott of Prada because of this.
The controversy connects to ongoing tensions between supporters of Israel and Palestine.
Prada’s decision highlights the sensitivity around symbols tied to the Israeli-Palestinian conflict.
This backlash shows how brands can become involved in political and cultural disputes.
The issue gained attention through coverage by news outlets like Al Jazeera.
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The price of silver has dropped by nearly 49% since January 2026, falling from $116.61 to $59.88 per ounce by July 2. Despite this decline, silver is still much more expensive than it was a year ago, and experts suggest it could be a good time for a small, careful investment in silver as part of a diversified portfolio.
Key Facts
Silver's price fell from $116.61 per ounce in January 2026 to $59.88 by July 2, a 48.6% drop.
One year ago, silver cost just under $37 per ounce.
Silver is considered cheaper than gold but offers many similar investment benefits.
Precious metals like silver are often used to protect investments against inflation.
Inflation is currently above 4%, making inflation protection important for investors.
Experts recommend keeping precious metals to no more than 10% of an investment portfolio.
Silver's price is more volatile (goes up and down more) than gold’s price.
The recent price drop may be a temporary chance to buy silver at a lower cost before prices rise again.
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The Kennedy Center will sell VIP rooftop tickets for its Fourth of July celebration. A federal judge delayed the center’s renovation plans, allowing the event to happen, and VIP tickets cost $25,000 each.
Key Facts
The Kennedy Center is hosting a rooftop celebration on July 4th.
VIP tickets for this event are priced at $25,000 each.
Of the ticket cost, $18,912 is tax deductible.
A federal judge postponed the Kennedy Center’s renovation scheduled to start on July 5th.
The delay in renovation allows the center to hold the July 4th event as planned.
The VIP ticket package is called the “Presidential” package.
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After a person dies, some bills need to keep being paid to protect valuable property, but many debts only get paid through the deceased person's estate. Family members usually aren't legally responsible for debts unless they co-signed or live in certain states where spouses share debt. If the estate cannot cover all debts, some bills may remain unpaid without passing to family members.
Key Facts
Bills like mortgage, car payments, homeowner's insurance, and utilities may need to be paid immediately to protect property.
Family members typically do not have to pay the deceased person's debts unless they co-signed or live in a community property state.
Debts such as credit cards, personal loans, and medical bills are paid from the estate during probate before money goes to heirs.
If the estate lacks funds to pay all debts, some unsecured debts may not be paid and are usually written off.
Debt collectors cannot legally force family members to pay debts that belonged to the deceased.
The probate process follows state laws about the order in which debts get paid.
Executors manage the deceased person's financial affairs, including paying debts with estate money.
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The Supreme Court made a decision on a specific legal question about President Donald Trump’s Section 301 tariffs but did not resolve all related issues. This leaves some important questions about the tariffs unclear.
Key Facts
The Supreme Court focused on a narrow legal question involving Section 301 tariffs.
Section 301 tariffs are taxes on imports that President Trump used to address trade problems with other countries.
The court's decision did not address all broader legal or policy questions about these tariffs.
This means that some details about how the tariffs can be applied or challenged remain uncertain.
The ruling affects how government trade actions may be reviewed by courts in the future.
The unresolved issues may lead to further legal cases or government decisions about tariffs.
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Tesla exceeded second-quarter delivery expectations with a record 480,126 vehicles delivered, driven mainly by strong sales growth in Europe. The company plans to increase its spending significantly in 2026 to grow areas like AI, battery production, and autonomous vehicles.
Key Facts
Tesla delivered 480,126 vehicles from April to June, beating analysts’ estimate of about 402,776.
This delivery number is a 25% increase compared to the same quarter last year.
Europe showed strong sales growth, helped by government incentives, rising fuel prices, and more electric company fleets.
U.S. sales remain lower but have declined less than the overall U.S. electric vehicle market.
Tesla’s China-made Model Y sales have grown despite tough competition from local companies like BYD.
Tesla plans to spend over $25 billion in 2026, up from $8.5 billion last year, to invest in AI infrastructure, battery production, and new products.
The company is expanding its “full self-driving” software availability in Europe and growing its robotaxi service, which offers driverless rides in Austin.
Production of Tesla’s Cybercab, a fully autonomous vehicle without pedals or a steering wheel, is expected to increase later this year.
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Andy Burnham, likely to become the next UK prime minister, has shared his plan to improve the British economy by raising living standards. His focus is on fixing the long-term economic problems that have affected people since the 2008 financial crisis, despite challenges like weak government finances.
Key Facts
Andy Burnham is expected to succeed Keir Starmer as UK prime minister.
Burnham was the former mayor of Greater Manchester.
He aims to improve living standards that have not grown much since the 2008 global financial crisis.
The British economy faces difficulties due to weak public finances (government money).
Burnham's plan is central to his political platform.
Economists are discussing how realistic his economic promises are.
The Labour Party is currently facing political challenges in the UK.
The article is part of a business-focused discussion on the UK economy.
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A recent UBS report shows that while Australia's rich are getting richer, the typical Australian's wealth has fallen nearly 7% since 2020. The report highlights growing wealth inequality, with average wealth rising but median wealth—reflecting the middle person—declining in many countries including Australia.
Key Facts
Over 25,000 Australians became millionaires in the past year.
Australia's 178 billionaires are $25.7 billion richer than last year.
The average personal net wealth in Australia rose 19% from 2020 to 2025.
Median wealth, showing the middle person's wealth, dropped by almost 7% in Australia during the same period.
Housing wealth and compulsory retirement savings help Australians have the third-highest median wealth globally.
Median wealth fell in 18 of 29 countries studied, including the US, UK, and Germany.
Economists say rising wealth inequality is driven largely by housing and is a concern for economic growth.
There are calls for an inheritance tax to help address the growing wealth gap.
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You can often settle credit card debt before it goes to collections, but success depends on your payment status and the lender’s policies. Credit card companies usually only negotiate if you are behind on payments and facing financial hardship, offering options like lump-sum settlements, payment plans, or hardship programs.
Key Facts
Credit card interest rates average about 21%, making debt hard to manage.
Missing payments can quickly worsen your financial situation.
Creditors rarely negotiate with borrowers who pay on time.
Lenders may settle for less if you have missed several payments and show hardship.
Settlement options include paying a reduced lump sum or structured payment plans.
Hardship programs may reduce interest rates or monthly bills temporarily.
Contact your creditor before your account is charged off or sent to collections for better options.
Debt relief companies can negotiate with creditors and manage payments for you if you have multiple debts.
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