Remember when the North Korean's told the world their Nuke's were for electricity and humanitarian purposes. Well Ri Tong Il told reporters in Hanoi if the U.S. and South Korea conduct joint naval exercises that North Korea Legitimately counter this nuclear deterrence with the largest ever nuclear war exercises to be staged by the U.S. and it's South Korean puppet force.
Meanwhile,former CIA director was quoted as saying Military Action against Iran is more likely because no matter what the U.S. diplomatically, Tehran keeps moving forward with it's nuclear program. Michael Hayden a CIA Chief under George W. Bush, was quoted that during his tenure a strike was way down the list of options. But speaking to CNN State of the Union that such actionnow seemsinexorable.
Turning the page to Afghanistan Chairman of the Joint Chiefs of Staff Admiral Mike Mullen said more NATO troops will die as violence mounts this summer, but Washinton's goal of turning the tide against the insurgency by years is within reach. Mullen was also quoted Now we got to execute!
And where is our Commander in Chief? He's on a love tour this week trying to restore his ratings and that of incumbents in November. Just Marvelous!
On The Corn Front in the electronic session I have the December contract current art 383 ¾ which is down ¾ of a cent. Weekend heavy rains across the Plaina,Mid-West and even the East had a lot of coverage and the Plains and Mid-West Corn Growers want to make sure the crop was not oversoaked leading to flooding and disease. We are expecting mid to upper 80's today in the Corn growing areas and that should help give farmers an idea how the soil is able to drain the new moisture.
On the Energy Front the September Crude Oil is trading at 7830 which is down 68 points at this writing.The trading range has been 7931 to 7825.Now that Bbonnie has passed with no major damage as previously thought and no new tropical storms Threats currently this could lead bulls to take profits.
Other factors in this market is China's continued talk of distanting the Yuan fro the u.S. dollar peg.
And are friend in Venezuela Hugo Chavez threatening to cut oil supplies to the U.S. in case of a military attack from Columbia as a dispute escalated over charges Venezuela is harboring Columbia rebels. I still remain bearish this Energy Complex.However, current news reports could send bears scurrying away.
Have a Great Trading Day!
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