Monday, July 23, 2012
Saturday, July 21, 2012
Worst drought since 1956 threatens world food crisis
A month of scorching temperatures across the country's midwest has sent corn and soybean prices to record highs, while wheat prices have reached levels not seen since the last food crisis in 2008.
The severest drought since 1956 in America's agricultural heartland has dashed the hopes that were alive just a couple of months ago of a bumper harvest. Traders and economists warned that the effect will ripple out from the US because it is the world's biggest producer of corn and a major supplier of soybeans and wheat.
"This year we have a rally in prices that is driven by the fundamentals," said Shawn McCambridge, an analyst at Jefferies Bache. "I really do anticipate these prices staying strong and producers will have to try to pass the cost onto consumers."
The dizzying gain in prices has shocked many in the industry. Corn prices have surged 51pc over the last month, wheat is up 40pc and soybeans have gained almost 20pc. The prospect of another bout of food inflation will alarm governments in developing countries where the run-up in prices in 2008 caused widespread hunger and revolts. It also presents a new headwind for western countries trying to kickstart economic recoveries.
For now - at least - all eyes are on the weather forecast for those US states that have been hardest hit, including Iowa, Nebraska, Indiana, Ohio and Illinois. While light rain fell in some parts day, there is little more forecast over the next two weeks.
The drought forced the US government last week to cut its forecast for corn production this year to 12.9bn bushels from a prediction of 14.8bn it made last month. "I get on my knees every day and I'm saying an extra prayer right now," Tom Vilsack, the US agricultural secretary, said today. "If I had a rain prayer or a rain dance I could do, I would do it."
Dan Basse, president of AgResources in Chicago, said that the government's prediction will prove too optimistic if the dry weather persists. "We've been traipsing through the fields of southern Illinois and it is worse than the government says," explained Mr Basse.
A sharp difference with 2008 is that speculative money is playing a far smaller role this time, said Mr McCambridge. Although rapid, analysts say the sharp increases over the last month are an appropriate response to the pullback in production and uncertainty over the eventual size of the corn, wheat and soyabean crops. Corn futures hit a record $8.16 a bushel on the Chicago Mercantile Exchange today, while soybeans touched $17.49 a bushel. If there is some good news, it is that rice - a staple for many of the world's poorest - has escaped the increases.
The Telegraph
Friday, July 20, 2012
63% believe country in recession and consumer confidence dropping
Rasmussen Reports found on Tuesday that 63% of Americans believe the country is in a recession in a survey measuring the consumer confidence.
Consumer confidence dipped a point 84.7 in Rasmussen’s tracking poll and is still down two points from three months ago.
On Monday the Commerce Department reported that U.S. retail sales fell for the third consecutive month in June, the first time retail sales have fallen three months in a row since 2008, while U.S. business inventories rose by .3% and sales dropped by .1%.
Couple all of this with stagnant jobs and wages reports, and there is no wonder why so many people feel the country is in a recession, as their personal economic situation is far from being fine. And this is why President Barack Obama will run a campaign that focuses on everything but his economic record.
Breitbart
Assad said to have fled Damascus
DAMASCUS, Syria, July 19 (UPI) -- The Obama administration was taking steps to head off further bloodshed and chaos as rebels were reported to have gained control of border crossings in Syria.
The New York Times reported Thursday rebels had taken over all four crossings into Iraq and one into Turkey, and the Los Angeles Times said officials from the United States and its allies are reaching out to opposition leaders in an effort to provide for a peaceful transition of power if President Bashar Assad is overthrown.
U.S. officials also urged Israeli leaders not to resort to military force to try to take control of chemical weapons in Syria, the Los Angeles Times reported.
Assad appeared on state television Thursday, one day after three members of his inner circle were assassinated in a suicide bombing. He swore in a new defense minister and the images from the presidential palace were played on a continuous loop by the Syrian Arab News Agency, The New York Times reported.
SANA's English-language Web site, however, was inaccessible for much of Thursday.
Arab media reported Assad and his family have fled by plane to his hometown near the seaport of Latakia. Kuwaiti newspaper al-Rai said Assad fled to the village of Kardaha in the Alawite Mountains following the deaths of his three top security chiefs Wednesday. From there he is directing his regime's response, the paper said.
The London based Arab-language newspaper al-Quds al-Arabi said there were reports Assad survived an assassination attempt Tuesday evening and may be suffering from injuries to his legs and abdomen.
Israel Radio broadcast a message from an unidentified rebel commander saying battles were ongoing at the entrance to Assad's fortified presidential palace in Damascus and Syrian air force helicopters were firing missiles at the fighters.
The New York Times said Thursday residents were fleeing Damascus as fighting in the capital city entered its fifth day, with the Syrian military issuing a statement saying Wednesday's bombing increased their determination to "clear the homeland of the armed terrorist groups."
China and Russia Thursday vetoed a U.N. Security Council resolution that would have threatened increased sanctions on Syria due to the escalating violence.
A Syrian human rights organization said at least 15 people were killed in gun battles in the village of Jebata al-Khashab some 2 kilometers (1.2 miles) from Israel's border Thursday. A statement released by the organization said clashes "have been taking place since the morning between Assad's army and a group of deserters in the village near the occupied Golan Heights," Israel National News said.
The regime said Wednesday's bombing attack inside the headquarters of Syria's national security council, a compound near Assad's fortified palace, was the work of a suicide bomber. The Free Syrian Army said it was a remotely detonated explosive.
The FSA told the British newspaper The Daily Telegraph two bombs -- one made of 25 pounds of TNT and the other a smaller Composition C-4 plastic explosive -- were planted in the conference room days before the meeting by an opposition mole working for Gen. Hisham Ikhtiyar, one of Assad's intelligence chiefs.
Read more: http://www.upi.com/Top_News/World-News/2012/07/19/Assad-said-to-have-fled-Damascus/UPI-40781342679400/#ixzz21As5GV2K
Mass Shooting at Colo. Movie Theater, 12 People Dead and 50 Injured
A lone gunman dressed in riot gear burst into a movie theater in Aurora, Colo., at a midnight showing of the Batman film "The Dark Knight Rises" and methodically began shooting patrons, killing at least 12 people and injuring at least 50.
The suspect, James Holmes, 24, of Aurora, was caught by police in the parking lot of the Century 16 Movie Theaters, nine miles outside Denver, after police began receiving dozens of 911 calls at 12:39 a.m. MT. Police said the man appeared to have acted alone.
Witnesses in the movie theater said Holmes crashed into the auditorium through an emergency exit about 30 minutes into the film, set off a smoke bomb, and began shooting. Holmes stalked the aisles of the theater, shooting people at random, as panicked movie-watchers in the packed auditorium tried to escape, witnesses said.
"You just smelled smoke and you just kept hearing it, you just heard bam bam bam, non-stop. The gunman never had to reload. Shots just kept going, kept going, kept going," one witness told ABC News.
"I'm with coworkers and we're on the floor praying to God we don't get shot, and the gunshots continue on and on, and when the sound finally stopped, we started to get up and people were just bleeding," another theatergoer said.
Police said 10 victims died inside the theater, while dozens of others were taken to local hospitals, including a child as young as 6 years old.
A San Diego woman identifying herself as James Holmes's mother spoke briefly with ABC News this morning.
She had awoken unaware of the news of the shooting and had not been contacted by authorities. She immediately expressed concern that her son may have been involved.
"You have the right person," she said.
"I need to call the police," she added. "I need to fly out to Colorado."
Holmes was wearing a bullet-proof vest and riot helmet and carrying a gas mask, rifle, and handgun, when he was apprehended, according to police. Holmes mentioned having explosives stored, leading police to evacuate his entire North Aurora apartment complex and search the buildings early this morning.
The highly-anticipated third installment of the Batman triology opened to packed auditoriums around the country at midnight showings on Friday morning, and features a villain named Bane who wears a bulletproof vest and gas mask. Trailers for the movie show explosions at public events including a football game. Though many moviegoers dressed in costume to attend the opening night screening, police have made no statements about any connection between the gunman's motives and the movie.
Yahoo News
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