The Heat Is On!
Weather is in the big picture in today's market. A sweltering Heat Wave across the Mid-West and East and a storm off. The Louisiana Coast is likely to become a cyclone before hitting land and we also are monitoring a storm brewing over the South Eastern Coast.
If the weather is not enough to make you sweat and you may not have heard this news in mainstream media either. However Bill H.R. 1388 was passed behind our backs. By Executive Order the President doled out $20.3 million dollars of taxpayer money to assist members of Hamas (migration assistance)to move here. With all the bail-outs and stimulus packages were spending money to sleep with the enemy? What a buffoon!
The December Corn is trading at 389 ½ which is 5 cents higher in the electronic session.The range has been 389 ¾ to 379.Over the 4th of July Weekend looking at the Corn crop in Southern Wisconsin and Northern Illinois the crop looked spotty. There was good to excellent growth but there was also a lot of Corn behind schedule for this period. Coupled with the acreage numbers this is extremely bullish in my eyes.
On the Energy Front the Crude is being boosted by the storms in the gulf and a cheaper U.S. dollar.Euro-currency is coming in higher and stocks are higher at this writing.I still remain bearish this complex despite the preposterous government stand on offshore drilling!By the way who is in charge?
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