BP (BP) should have seen this one coming. An arbitration tribunal set up by BP's existing Russian partners blocked the $7.8 billion share swap deal proposed by BP with Russia's state-controlled Rosneft. The tribunal was setup at the behest of the Alfa-Access-Renova consortium, which is BP's partners Russia's third-biggest oil producer TNK-BP. BP is the third largest of the six oil and gas "supermajors" after Exxon Mobil (XOM) and Royal Dutch Shell. Other competitors include Chesapeake (CHK), Anadarko and Chevron (CVX).

Our price estimate for BP stands at $49.38, implying a roughly 5% premium to its current market price.

BP's (BP) headache continues over its planned share swap with Russian-owned Rosneft. According to a report from Sky News, the Association of British Insurers (ABI) announced its concerns over the impact of the swap. ABI reportedly controls 10% to 15% of the U.K. stock market.

ABI's reservations also include a Swedish court's decision to block BP's planned venture with Rosneft in the Arctic. Perhaps most concerning of all -- and not just to ABI -- is Wednesday's report announcing that U.S. prosecutors are considering manslaughter charges against BP for its Gulf of Mexico oil spill. Eleven oil workers were killed as a result of the spill.

Freeport McMoran Copper (FCX) is a miner of copper, gold and molybdenum. It has operations in North and South America, Indonesia and Africa, and competes with other miners such as the Southern Copper (SCCO), Codelco and Newmont Mining (NEM).

Looking back can be painful, especially if you missed the biggest bull move of the year. The star performer was palladium, which is used in catalytic converters. The metal rallied 95% during 2010, according to the Financial Times.

One major reason for the jump was the belief that Russia has exhausted its stockpiles of palladium that they had accumulated during the Cold War. The big metals trader, Johnson Matthey, said that palladium could swing into a "serious deficit" if sales from the Russian government diminish.

On the futures market, March palladium touched $800 per ounce. Some analysts are forecasting $1,000 per ounce in 2011.

In a surprise and unexpected move, Russian Prime Minister Vladimir Putin told Reuters that he was extending the grain export ban until 2011. "I would like to note that lifting of the export ban can only be considered after next year's crops have harvested," Putin said according to Reuters.

Russia is now suffering through its worst drought in nearly 100 years. Grain harvest have been cut by two thirds, down to 60-65 million tons from 97 million tons in 2009.

"For the 24th year running that the Economist magazine has published its famed Big Mac Index; this index is a tongue-and-cheek way of measuring the purchasing power parity (PPP) -- that is, the relative overvaluation and undervaluation of the world's currencies," notes Nicholas Vardy.

The editor of The Global Stock Investor explains, "What does the Big Mac now say about the relative value of global currencies?

"According to the theory of purchasing power parity, a dollar should buy the same amount of the same good across all countries. By comparing the cost of Big Macs -- a good that is produced in about 120 countries -- the Big Mac Index calculates the exchange rate (the Big Mac PPP) that would result in hamburgers costing the same in America as they do abroad.

In a move that is creating havoc in the grain markets, Russian Prime Minister urged a temporary ban on Russian grain exports. The ban may begin as early as next week and would last through December.

Putin said the a ban would be "appropriate." Russia has "sufficient reserves of grain, but we must prevent domestic prices from rising, preserve cattle herds and build up reserves for next year."

Like 1973 when Russia was forced to buy wheat from the U.S. during the cold war, this could be one for the history books. Russia is suffering its worst drought in 50 years.

Rainfall along the Volga River was 10% to 30% of it long-term average. Temperatures are so hot that workers are forced to take breaks in their work schedule. Add to this wildfires covering more than 600-square miles, and you have major crisis brewing.

The grain markets are weather related. Any change in the normal growing weather pattern sends the markets into turmoil.

The story of the day is Russia. The farm ministry said that Russia will harvest 85 million metric tons of grain, down 5 million tons from the previous forecast. Why is this news? Russia and Canada vie with the U.S. as the second largest world wheat exporter.

• Tuesday, June 15: May Import Prices. Expected decline of -1.5%.
• Wednesday, June 16: May Producer Prices. Expected decline of -0.5%.
• Thursday, June 17: May Consumer Prices. Expected decline of -0.2%.