Gold rose to a record high again with fears of the Euro-Zone debt crisis and a shift to raw materials.Meaning cash is not king as traders are spooked.
Stocks ended up selling off of the initial euphoria of China's changeup in the Yuan's peg to the U.S. dollar.The Stocks sold off in the day ands ended up being lower at the trading sessions end.The fear traders were not about to discount is the fact that if Chinese Exports become more expensive it will have a bubbling effect on buyers of the goods here.
This could also effect imports and export which concerns traders. Stay tune as we await policy moves by China's Central Bank.
On the Corn Front in the electronic session the December Corn is taking a little beating trading 4 ¼ cents lower at 370 ½.The range has been 376 to 369 ¾.Traders continue to eyeball weather assessing damage and following a new weather pattern for rains and not as warm weather previously forecasted.The current forecast is still conducive to growing this crop.
On the Energy Front the August Crude Oil is trading at 7759 which is down 102 points. The trading range has been 7869 to 7733. With stocks coming in weaker and the dollar bouncing a little higher up 19.6 at 8643.55 is helping push the Energy Complex lower.
Important News-The Natioinal Hurricane Center released a forecast of Atlantic Tropical Cyclone.They want on to say there is 40% chance of this activity to become real and it's path is right in the Gulf of Mexico. What's next for these poor people.
BP's CEO goes sailing and the President takes in a White Sox vs. Nationals game Friday and goes golfing Saturday and people in the Gulf are fighting for their economic livelihood.The furious President does have time to summon General Stanley McCrystal to explain comments toRolling Stone magazine of his disappointing leadership on the Afghan Front as well.
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