Economy: Business inventories up

U.S. companies, keeping a watchful eye on the unfolding economic recovery, added to their stocks of unsold goods for the first time in 16 months.

The Commerce Department reported Monday that stockpiles of goods on shelves and back lots edged up to a seasonally adjusted $1.1 trillion in May, a 0.2 percent increase from April’s level.

Some economists viewed that as a hopeful sign that companies might be feeling a little better about the recovery, which had lost steam since the beginning of the year.

Others believed inventories went up because of weak sales. Businesses’ sales slid by 0.4 percent in May from April.

International: Euro tops dollar

The dollar was worth less than the euro Monday for the first time in 2 1/2 years, reflecting worries about the U.S. economy and stocks.

The breakthrough lent a psychological boost to the euro’s supporters, but economists said it was less a sign of new strength in Europe’s economies than a milestone in the decline of the dollar.

In trading Monday, the dollar was worth 1.005 euros.

A stronger euro means more expensive European vacations for U.S. tourists and higher prices for imported goods. But it offers relief to U.S. manufacturers by making their goods cheaper compared to those of foreign competitors.

Kansas Agriculture: Crops drop in quality

The condition of Kansas crops continued to deteriorate with hot, dry weather last week, according to the latest crop condition report released by Kansas Agriculture Statistics Service.

The report showed the corn crop across the state was rated 29 percent poor or very poor compared to 19 percent poor to very poor just one week ago. The quality of the milo crop also tumbled, with 27 percent poor or very poor compared to 18 percent a week ago. Soybeans were rated 11 percent poor or very poor, up from 9 percent.

Pasture land continues to be the most stressed. It was rated as 49 percent poor to very poor, up from 45 percent a week earlier.