6-August-2010

Euro

10 Second Headlines of the Week – August 6, 2010

Wheat

+ Russia, the world’s 3rd largest grower of wheat, has banned the exporting of wheat from August 15th to December 31st due to drought conditions and the wild fires. Today red winter wheat traded at $7.70/ bushel up from $4.96 at the end of June.

BP Oil Spill- Let’s keep it in perspective says Denis Gartman

+ BP could potentially be fined $17.63 billion…and that is before legal challenges.

+ Oil has been found in 350 acres of marshlands in Louisiana compared to the 15,000 acres of wetlands that they are already losing each year. It appears that the warm, bacteria laden waters of the Gulf are doing their job in literally ‘eating’ the crude that remains on the surface and deeper in the waters. Within 10 years there may be almost no evidence of this calamity.

North American Employment

+ Canada: we lost 9,300 jobs in July bringing our national unemployment rate to 8% vs 7.9%. 139,000 full time jobs were lost, nearly half in education while manufacturing employment increased.

+ US: lost 139,000 jobs in July, mostly in government (partly census related) as the private sector added 71,000 jobs. The unemployment rate remained unchanged at 9.5%